Formulas and Functions
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YIELD

The YIELD function returns the effective annual interest rate for a security that pays regular periodic interest.

YIELD(settle, maturity, annual-rate, price, redemption, frequency, days-basis)

settle: A date/time value or date string representing the trade settlement date, usually one or more days after the trade date.

maturity: A date/time value or date string representing the date when the security matures. maturity must be after the date specified for settle.

annual-rate: A number value representing the annual coupon rate or stated annual interest rate of the security used to determine periodic interest payments. annual-rate must be greater than 0, and is entered as a decimal (for example, 0.08) or with a per cent sign (for example, 8%).

price: A number value representing the cost of the security per £100 of par value. price is calculated as purchase price / face value * 100 and it must be greater than 0.

redemption: A number value representing the redemption value per £100 of par value. redemption is calculated as redemption value / face value * 100 and it must be greater than 0. Often, it is 100, meaning that the security’s redemption value is equal to its face value.

frequency: A modal value specifying the number of coupon payments each year.

annual (1):  One payment per year.

semiannual (2):  Two payments per year.

quarterly (4):  Four payments per year.

days-basis: An optional modal value specifying the number of days per month and days per year (days-basis convention) used in the calculations.

30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD method for dates falling on the 31st of a month.

actual/actual (1): Actual days in each month, actual days in each year.

actual/360 (2): Actual days in each month, 360 days in a year.

actual/365 (3): Actual days in each month, 365 days in a year.

30E/360 (4): 30 days in a month, 360 days in a year, using the European method for dates falling on the 31st of a month.

Example

Suppose you are considering the purchase of a hypothetical security. The security settles on 1 May 2009 (settle), matures at 100 per £100 of face value (redemption is 100) on 30 June 2015 (maturity), and pays interest semi-annually (frequency) at an annual rate of 6.5% (annual-rate) calculated on a 30/360 days basis (days-basis). The security is being offered at 106.50 (price).

=YIELD("01/05/2009", "30/06/2015", 0.065, 106.50, 100, 2, 0) returns approximately 5.25020473181683%, which represents annual yield, based on the assumptions given.

As the price of a bond goes down, its yield goes up. Conversely, if the price of the bond rises, its yield decreases.

See alsoPRICEYIELDDISCYIELDMAT
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உதவியாக இருந்ததா?
எழுத்தின் அளவு: 250
அதிகபட்ச எழுத்தின் அளவு: 250
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