{ "category": "Financial functions", "display_name": "ODDLYIELD", "entry_kind": "built_in_function", "eval_api": { "method": "POST", "url": "https://handbook.dnacalc.com/api/eval" }, "function_id": "FUNC.ODDLYIELD", "implementation_state": { "answer_bank": null, "detail": "Recorded: 6 workbook cells.", "dnacalc_commit": "9e1884369a678158dd82d3d74188daf986995e87", "in_catalogue": true, "state": "matches", "state_label": "Matches every recorded Excel answer", "summary": "Matches all 6 recorded answers", "workbook_corpus": { "cells": 6, "matched": 6 } }, "implementations": [ { "commit": "9e1884369a678158dd82d3d74188daf986995e87", "flavour": "excel-compatibility-candidate", "language": "Rust", "name": "CalcFunc", "own_code": [ "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/catalogue/bonds.rs#L234-L237", "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/ported/odd_bond_family.rs#L664-L744" ], "repository": "https://github.com/DnaCalc/DnaCalc", "shared_code": [ "catalogue/bonds::basis", "catalogue/bonds::odd_out", "catalogue/financial::date_1900", "locale::days_from_civil", "locale::civil_from_days", "locale::excel_serial_from_ymd", "locale::ymd_from_excel_serial", "ported/day_count_common::days_in_month", "ported/day_count_common::us_30_360", "ported/odd_bond_family::parse_basis", "ported/odd_bond_family::parse_frequency", "ported/odd_bond_family::max_excel_serial", "ported/odd_bond_family::parse_date_serial", "ported/odd_bond_family::days_in_year", "ported/odd_bond_family::days_in_month", "ported/odd_bond_family::add_months_clamped", "ported/odd_bond_family::days360_us", "ported/odd_bond_family::days360_us_both", "ported/odd_bond_family::days360_eu", "ported/odd_bond_family::day_count", "ported/odd_bond_family::day_count_non_negative", "ported/odd_bond_family::day_count_non_negative_with_us_hack", "ported/odd_bond_family::validate_positive_inputs", "ported/odd_bond_family::map_odd_bond_error_to_ws" ], "source": "https://github.com/DnaCalc/DnaCalc/blob/9e1884369a678158dd82d3d74188daf986995e87/crates/calc-func/src/catalogue/bonds.rs#L234-L237", "state": "matches", "suite": null, "summary": "Matches all 6 recorded answers" } ], "json_url": "https://handbook.dnacalc.com/api/functions/FUNC.ODDLYIELD.json", "name": "ODDLYIELD", "notes": [], "schema": "efh.function-reference/v1", "section_order": [ "what-it-does", "try-it", "quirks", "how-to-implement", "version-differences", "alternatives" ], "sections": { "alternatives": "\n[ODDLPRICE](FUNC.ODDLPRICE.md) prices the same last-coupon schedule at a supplied yield. [ODDFYIELD](FUNC.ODDFYIELD.md) handles an irregular first coupon; [YIELD](FUNC.YIELD.md) handles regular coupons.\n\n\n", "how-to-implement": "\nBuild quasi-coupon periods from last_interest, accumulate normalized issue-to-maturity, accrued and remaining fractions, and solve the final simple-discount equation for yield. The current last-yield helper uses a direct algebraic formula rather than the odd-first root solver. The worked zero-yield example isolates the coupon and accrual arithmetic from discount powers. Calendar seams, long/short-period branches and residual numerical differences remain open where the recorded reports say so. The family combines a credited Apache-licensed ExcelFinancialFunctions translation in its odd-first kernel and calendar helpers with project-owned kernels and changes guided by recorded Excel answers.\n\n\n", "quirks": "\nBasis defaults to zero: 0 US 30/360, 1 actual/actual, 2 actual/360, 3 actual/365, 4 European 30/360. Dates and selectors are truncated under their documented rules. Use DATE values rather than locale-dependent date text. The required date order is `last_interest < settlement < maturity`. Frequency is one, two or four. Negative coupon rate, invalid selectors and invalid amount/domain cases produce errors. These schedules cannot be reduced to PRICE by changing one date.\n\n\n", "sources": "\n- [Microsoft: ODDLYIELD function](https://support.microsoft.com/en-us/excel/functions/oddlyield-function), opened 6 November 2026; syntax, documented argument rules and errors.\n- [DnaCalc implementation](https://github.com/DnaCalc/DnaCalc/blob/da3ecc4fb19a3a5529708c311d0e8f05688ac165/crates/calc-func/src/ported/odd_bond_family.rs); implementation steps and the limits identified in the text.\n\n", "try-it": "\n`=ODDLYIELD(DATE(2027,8,1),DATE(2027,11,1),DATE(2027,4,1),0.06,101.5,100,2,0)` gives a yield near zero. The last coupon spans April to November, seven 30/360 months. Its coupon is 3.5 and accrued interest at August settlement is two. At zero yield the clean price is `100+3.5-2=101.5`.\n\n\n", "version-differences": "\nNo same-input comparison between named Excel builds is recorded for this function here. The documented behaviour below is not a measurement of every Excel release.\n\n\n", "what-it-does": "\n`ODDLYIELD` solves annual yield from price for a security with an irregular last coupon. Its dates are settlement, maturity and last_interest. They are followed by coupon rate, price, redemption, frequency and optional basis.\n\n\n" }, "signature": { "display": "ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])", "parameters": [ { "description": null, "name": "settlement", "optional": false, "repeats": false }, { "description": null, "name": "maturity", "optional": false, "repeats": false }, { "description": null, "name": "last_interest", "optional": false, "repeats": false }, { "description": null, "name": "rate", "optional": false, "repeats": false }, { "description": null, "name": "pr", "optional": false, "repeats": false }, { "description": null, "name": "redemption", "optional": false, "repeats": false }, { "description": null, "name": "frequency", "optional": false, "repeats": false }, { "description": null, "name": "basis", "optional": true, "repeats": false } ], "trailing_repeats": false }, "sources": { "metadata": { "admission": { "label": "implemented", "reason": null }, "arity": { "max": 8, "min": 7 }, "category": "Financial functions", "classification": { "arg_preparation_profile": "ValuesOnlyPreAdapter", "coercion_lift_profile": "Custom", "determinism_class": "Deterministic", "error_collapse_profile": "None", "fec_dependency_profile": "None", "host_interaction_class": "None", "kernel_signature_class": "Custom", "rich_value_usage": "RichBlind", "surface_fec_dependency_profile": "None", "thread_safety_class": "SafePure", "volatility_class": "NonVolatile" }, "descriptions": { "long": null, "short": "Yield of a security whose last period is irregular", "short_source": "dna-calc-own" }, "docs": { "english_description": "Returns the yield of a security with an odd last period", "microsoft_url": "https://support.microsoft.com/en-us/office/oddlyield-function-c873d088-cf40-435f-8d41-c8232fee9238" }, "entry_kind": "built_in_function", "localized_family_names": null, "localized_names": [ { "locale": "ar-SA", "name": "ODDLYIELD" }, { "locale": "bg-BG", "name": "ODDLYIELD" }, { "locale": "cs-CZ", "name": "ODDLYIELD" }, { "locale": "da-DK", "name": "ULIGE.SIDSTE.AFKAST" }, { "locale": "de-DE", "name": "ODDLYIELD" }, { "locale": "el-GR", "name": "ODDLYIELD" }, { "locale": "en-AU", "name": "ODDLYIELD" }, { "locale": "en-GB", "name": "ODDLYIELD" }, { "locale": "en-US", "name": "ODDLYIELD" }, { "locale": "es-ES", "name": "RENDTO.PER.IRREGULAR.2" }, { "locale": "et-EE", "name": "ODDLYIELD" }, { "locale": "fi-FI", "name": "PARITON.VIIM.TUOTTO" }, { "locale": "fr-FR", "name": "REND.DCOUPON.IRREG*" }, { "locale": "he-IL", "name": "ODDLYIELD" }, { "locale": "hr-HR", "name": "ODDLYIELD" }, { "locale": "hu-HU", "name": "ELTÉRŐ.UHOZAM" }, { "locale": "id-ID", "name": "ODDLYIELD" }, { "locale": "it-IT", "name": "ODDLYIELD" }, { "locale": "ja-JP", "name": "ODDLYIELD" }, { "locale": "ko-KR", "name": "ODDLYIELD" }, { "locale": "lt-LT", "name": "ODDLYIELD" }, { "locale": "lv-LV", "name": "ODDLYIELD" }, { "locale": "nb-NO", "name": "AVVIKSP.AVKASTNING" }, { "locale": "nl-NL", "name": "AFW.LT.REND" }, { "locale": "pl-PL", "name": "RENT.OST.OKR" }, { "locale": "pt-BR", "name": "ODDLYIELD" }, { "locale": "pt-PT", "name": "LUCROÚLTINC" }, { "locale": "ro-RO", "name": "ODDLYIELD" }, { "locale": "ru-RU", "name": "ДОХОДПОСЛНЕРЕГ" }, { "locale": "sk-SK", "name": "ODDLYIELD" }, { "locale": "sl-SI", "name": "ODDLYIELD" }, { "locale": "sr-Latn-RS", "name": "ODDLYIELD" }, { "locale": "sv-SE", "name": "UDDASAVKASTNING" }, { "locale": "th-TH", "name": "ODDLYIELD" }, { "locale": "tr-TR", "name": "TEKSÖDEME işlevi" }, { "locale": "uk-UA", "name": "ODDLYIELD" }, { "locale": "vi-VN", "name": "ODDLYIELD" }, { "locale": "zh-CN", "name": "ODDLYIELD" }, { "locale": "zh-HK", "name": "ODDLYIELD" }, { "locale": "zh-TW", "name": "ODDLYIELD" } ], "signature": { "display": "ODDLYIELD(settlement, maturity, last_interest, rate, pr, redemption, frequency, [basis])", "parameters": [ { "description": null, "name": "settlement", "optional": false, "repeats": false }, { "description": null, "name": "maturity", "optional": false, "repeats": false }, { "description": null, "name": "last_interest", "optional": false, "repeats": false }, { "description": null, "name": "rate", "optional": false, "repeats": false }, { "description": null, "name": "pr", "optional": false, "repeats": false }, { "description": null, "name": "redemption", "optional": false, "repeats": false }, { "description": null, "name": "frequency", "optional": false, "repeats": false }, { "description": null, "name": "basis", "optional": true, "repeats": false } ], "trailing_repeats": false }, "surface_name": "ODDLYIELD", "version_marker": null, "xlcall": { "code": "461", "symbol": "xlfOddlyield" } }, "microsoft": "https://support.microsoft.com/en-us/office/oddlyield-function-c873d088-cf40-435f-8d41-c8232fee9238" }, "try_it": { "formula": "=ODDLYIELD(DATE(2027,8,1),DATE(2027,11,1),DATE(2027,4,1),0.06,101.5,100,2,0)" }, "url": "https://handbook.dnacalc.com/functions/ODDLYIELD.html", "variants": [], "versions": [] }