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ODDFYIELD Function (LibreOffice Calc)

Financial Expert LibreOffice Calc LibreOffice 3.0

The ODDFYIELD function returns the annual yield of a bond with an odd (non-standard) first coupon period. It is essential for valuing bonds issued off-cycle with irregular initial coupon lengths.

The **ODDFYIELD** function calculates the **annual yield to maturity** of a bond with an **odd (irregular) first coupon period**. It is the inverse of ODDFPRICE and is essential for valuing bonds issued off-cycle with short or long first coupon periods.

What the ODDFYIELD Function Does

  • Computes yield to maturity (YTM) for bonds with an odd first coupon
  • Handles short and long first coupon periods
  • Uses issue date, first coupon date, settlement date, maturity date, coupon rate, price, redemption value, frequency, and basis
  • Supports multiple day‑count basis systems
  • Fully compatible with Excel’s ODDFYIELD function

It is designed for professional‑grade fixed‑income analytics.

Syntax

ODDFYIELD(settlement; maturity; issue; first_coupon; rate; price; redemption; frequency; [basis])

Arguments

  • settlement:
    Date the bond is purchased.

  • maturity:
    Final maturity date.

  • issue:
    Issue date of the bond.

  • first_coupon:
    Date of the first coupon payment (irregular).

  • rate:
    Annual coupon rate.

  • price:
    Clean price per 100 face value.

  • redemption:
    Redemption value per 100 face value.

  • frequency:
    Coupon payments per year:

    • 1 = annual
    • 2 = semiannual
    • 4 = quarterly

  • basis (optional):
    Day-count convention:

basis Day-count convention
0 US 30/360
1 Actual/Actual
2 Actual/360
3 Actual/365
4 European 30/360

Basic Examples

Yield of a bond with a short first coupon

=ODDFYIELD("2024-03-15"; "2029-03-15"; "2024-01-01"; "2024-06-01"; 0.05; 98.5; 100; 2)

Using Actual/Actual

=ODDFYIELD(A1;A2;A3;A4;0.04;99.2;100;2;1)

Using text dates

=ODDFYIELD(DATEVALUE(A1);DATEVALUE(A2);DATEVALUE(A3);DATEVALUE(A4);Rate;Price;100;2)

Advanced Examples

Long first coupon period

=ODDFYIELD("2024-03-15"; "2030-03-15"; "2023-01-01"; "2024-09-01"; 0.06; 101.4; 100; 2)

From imported CSV timestamps

=ODDFYIELD(DATEVALUE(LEFT(A1;10));DATEVALUE(LEFT(A2;10));DATEVALUE(LEFT(A3;10));DATEVALUE(LEFT(A4;10));Rate;Price;Redemption;Freq)

From Excel serial dates stored as text

=ODDFYIELD(DATE(1899;12;30)+VALUE(A1);DATE(1899;12;30)+VALUE(A2);DATE(1899;12;30)+VALUE(A3);DATE(1899;12;30)+VALUE(A4);Rate;Price;Redemption;Freq)

Compute price from yield (inverse)

=ODDFPRICE(Settlement;Maturity;Issue;FirstCoupon;Rate;Yield;Redemption;Freq;Basis)

Compare odd-first vs regular yield

=YIELD(Settlement;Maturity;Rate;Price;Redemption;Freq) - ODDFYIELD(...)

Edge Cases and Behavior Details

ODDFYIELD returns a numeric value (annual yield)

Accepts:

  • Real dates
  • Serial numbers
  • DATEVALUE outputs

Invalid text → Err:502

Behavior details

  • Issue < FirstCoupon < Maturity must hold
  • Settlement must be between Issue and Maturity
  • Frequency must be 1, 2, or 4
  • Basis must be 0–4
  • Handles both short and long first coupon periods
  • Uses iterative numerical methods internally

ODDFYIELD of an error → error propagates

Common Errors and Fixes

Err:502 — Invalid argument

Cause:

  • Dates not recognized
  • Frequency not 1, 2, or 4
  • Basis outside 0–4

Fix:

  • Wrap dates with DATEVALUE
  • Validate frequency and basis

Err:504 — Invalid date sequence

Cause:

  • Settlement before issue
  • First coupon before issue
  • Settlement after maturity

Fix:

  • Correct date order

Unexpected yield

Cause:

  • Wrong first coupon date
  • Incorrect basis
  • Incorrect price or coupon rate

Fix:

  • Verify coupon schedule
  • Confirm day-count convention

Best Practices

  • Use Actual/Actual (basis 1) for government bonds
  • Use 30/360 for corporate bonds
  • Normalize text dates with DATEVALUE
  • Validate first coupon date carefully
  • Use ODDFYIELD with ODDFPRICE for full odd-first-period modeling
ODDFYIELD is your odd‑first‑coupon yield engine — essential for real‑world bonds issued off‑cycle and any professional fixed‑income model.
  • Use ODDFPRICE to compute price from yield
  • Use ODDLPRICE for odd last coupon periods
  • Use ODDLYIELD for odd last coupon yield
  • Use PRICE for regular coupon bonds
  • Use YIELD for regular yield calculations

By mastering ODDFYIELD and its companion functions, you can build powerful, accurate, and fully professional fixed‑income valuation models in LibreOffice Calc.