If there is one coupon period or less until redemption, YIELD is calculated as follows:Ī = number of days from the beginning of the coupon period to the settlement date (accrued days).ĭSR = number of days from the settlement date to the redemption date. If settlement ≥ maturity, YIELD returns the #NUM! error value. If rate 4, YIELD returns the #NUM! error value. If settlement or maturity is not a valid date, YIELD returns the #VALUE! error value. Settlement, maturity, frequency, and basis are truncated to integers. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The maturity date is the date when a coupon expires.
The settlement date is the date a buyer purchases a coupon, such as a bond. By default, Januis serial number 1, and Januis serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. For annual payments, frequency = 1 for semiannual, frequency = 2 for quarterly, frequency = 4.īasis Optional. The security's redemption value per $100 face value.įrequency Required. The security's price per $100 face value. The maturity date is the date when the security expires. The security settlement date is the date after the issue date when the security is traded to the buyer.
The YIELD function syntax has the following arguments: Problems can occur if dates are entered as text.
Important: Dates should be entered by using the DATE function, or as results of other formulas or functions.
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