Description
Yield returns the yield for a security that pays interest periodically.
Overloads
Yield (settlementDate, maturityDate, couponRate, price, redemptionValue, frequency)
Yield (settlementDate, maturityDate, couponRate, 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.
couponRate is a non-negative number specifying the interest rate for the security.
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
Yield returns the yield for a security that pays interest periodically. Interest is accrued daily when there is one or fewer payment periods left until maturity after the settlement date.
Examples
Suppose a municipal bond is purchased on March 1, 1999 with a maturity date of January 1, 2005. The interest rate is 6.7% and the purchase price is $100.96 per $100 par value. At redemption, the face value of the bond is returned for a value of $100 and interest is paid out quarterly and a 30/360 basis is used.
Yield(DateValue(1999,3,1),DateValue(2005,1,1),0.067,100.96,100,4,0)
Returns 0.0650 (rounded to four decimal places) as the bond's yield. Note that this is the reverse operation of
Price.
Comments
This function is similar to the Excel function of the same name.
When multiple coupon periods occur between the settlement date and maturity, Crystal Reports uses an iterative technique to calculate the price, using the formula for Price. A value for the yield is guessed and the price is calculated. The 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.