# ODDFYIELD

## Content

This function calculates the yield of a security with an odd first period.

## Syntax

`ODDFYIELD(settle, maturity, issue, first, rate, price, redeem, freq, [basis])`

## Arguments

This function has these arguments:

| Argument | Description |
| -------- | ----------- |
| *settle* | [Required] Settlement date for the security |
| *maturity* | [Required] Maturity date for the security |
| issue | [Required] Issue date for the security |
| first | [Required] First coupon date |
| rate | [Required] Interest rate of the security |
| price | [Required] Price of the security |
| redeem | [Required] Redemption value per $100 face value for the security |
| freq | [Required] Frequency of payment, number of payments per year |
| *basis* | [Optional] Integer representing the basis for day count |

## Remarks

This function returns a #VALUE! error when *settle*, *maturity*, *issue*, or *first* is invalid. *Settle*, *maturity*, *issue*, *first*, and *basis* are truncated to integers.

* If *rate* is less than 0 or *yield* is less than or equal to 0, a #NUM! error is returned.
* If *basis* is less than 0 or greater than 4, a #NUM! error is returned.

*Maturity* should be greater than *first* which should be greater than *settle* which should be greater than *issue*. Otherwise a #NUM! error is returned.

## Examples

`ODDFYIELD(B1,B2,B3,B4,B5,B6,B7,B8,B9)`