ODDLYIELD Function in Excel: Yield of a Bond With an Odd Last Period

ODDLYIELD Function in Excel: Yield of a Bond With an Odd Last Period 1
⏱ 1 min readUpdated 5 October 2026

FinanceLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. ODDLYIELD in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions

ODDLYIELD returns the yield of a bond with an irregular last period.

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Syntax

=ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])
Argument What it means
dates Settlement, maturity and other dates as real dates
rates / prices Per 100 of face value where relevant
basis Day-count basis (0 = 30/360, 3 = actual/365)

Examples

Example 1

=ROUND(ODDLYIELD(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A2,B2,100,2,0)*100,3)

Result: 7.278. See the worked example table below for more cases.

ODDLYIELD in practice

Where you will use it

  • Treasury and bond desks
  • Valuing debentures and money-market instruments
  • Accrual and audit checks

Worked example

RatePriceFormulaResult
0.08100.2=ROUND(ODDLYIELD(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A2,B2,100,2,0)*100,3)7.278
0.0799.5=ROUND(ODDLYIELD(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A3,B3,100,2,0)*100,3)8.273
0.09100=ROUND(ODDLYIELD(DATE(2026,10,5),DATE(2027,2,15),DATE(2026,6,30),A4,B4,100,2,0)*100,3)8.791

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Dates as textUse DATE() or real date cells
Wrong basisIndian money-market instruments usually use actual/365 (3)

PRICE · YIELD · DISC

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