YIELD Function in Excel: Bond Yield From Its Price

YIELD Function in Excel: Bond Yield From Its Price featured illustration

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⏱ 2 min readUpdated 28 September 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

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

YIELD is the reverse of PRICE: what annual return you lock in if you buy at today’s price and hold to maturity.

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Syntax

=YIELD(settlement, maturity, rate, pr, redemption, frequency, [basis])
Argument What it means
pr Price per 100.

Examples

Example 1

=YIELD(DATE(2019,11,1), DATE(2029,11,1), 7%, 96.5, 100, 2)

About 7.5%.

YIELD in practice

Where you will use it

  • Yield to maturity of a bond
  • Compare bonds
  • Pricing checks

Worked example

PriceFormulaResult
101.5=TEXT(YIELD(DATE(2026,10,4),DATE(2031,3,31),0.08,A2,100,2,0),"0.00%")7.60%
100=TEXT(YIELD(DATE(2026,10,4),DATE(2031,3,31),0.08,A3,100,2,0),"0.00%")8.00%
96=TEXT(YIELD(DATE(2026,10,4),DATE(2031,3,31),0.08,A4,100,2,0),"0.00%")9.10%

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Price per 100Enter clean price per 100
Frequency2 for half-yearly

PRICE · RATE

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📎 Practice files for this article

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    Practice workbook: Financial: EMI, SIP, NPV, IRR, depreciation23 tasks on realistic sales data — type your formula, the Check column turns green when it is right. Answers sheet included.
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