Description
OddLYield returns the yield of a security that pays interest periodically but has an odd last period.
Overloads
OddLYield (settlementDate, maturityDate, lastInterestDate, rate, price, redemptionValue, frequency)
OddLYield (settlementDate, maturityDate, lastInterestDate, rate, price, redemptionValue, frequency, basis)
Arguments
settlementDate is a
Date or
DateTime specifying when the security was purchased.
maturityDate is a
Date or
DateTime after the settlement date specifying when the security matures.
lastInterestDate is a
Date or
DateTime specifying when the security has its last payment. This date must be before the settlementDate.
rate is a non-negative number specifying the interest rate for the coupons that the security pays.
price is a non-negative number or currency specifying the security's purchase price per $100 of face value.
redemptionValue is a number or currency specifying the security's value at redemption per $100 of face value.
frequency is a number specifying the number of coupons per year. The supported values are 1 (annual payments), 2 (semiannual payments), and 4 (quarterly).
basis is an optional number specifying the day basis system to use. The following types are supported:
0 - American 30/360 (default)
Action
OddLYield returns the yield of a security that pays interest periodically but has an odd last period. The last period can be shorter or longer than the other periods.
Examples
Suppose a bond matured on June 25, 2000 with an interest rate of 4.5% and a price of $100.13. The last interest date before maturity was September 30, 1999 and the bond was purchased on January 10, 2000. With quarterly interest payments, a $100 redemption price and a 30/360 basis, the yield can be found using the following formula:
OddLYield(DateValue(2000,1,10), DateValue(2000,6,25), DateValue(1999,9,30), 0.045, 100.13, 100, 4, 0)
Returns 0.0416 (rounded to four decimal places), representing a yield of 4.16%.
Comments
This function is similar to the Excel function of the same name.
This function is the inverse of the related OddLPrice function.
Since there is no explicit function to calculate the yield, Crystal Reports uses an iterative technique using the formula for OddLPrice. A value for the yield is estimated and the odd last price calculated. This calculated price is compared to the specified price and a new yield is estimated. This process is repeated until the price calculated equals the specified price.