MicroStrategy ONE

Odd-first-period yield

Returns the yield of a security that has an odd (short or long) first period.

Syntax

Oddfyield <Basis> (Settlement, Maturity, Issue, FirstCoupon, CouponRate, Price, Redemption, Frequency)

Where:

Settlement is the settlement date. This is the date, after issue, on which the security is traded.

Maturity is the maturity date. This is the date on which the security expires.

Issue is the issue date.

FirstCoupon is the first coupon date.

CouponRate is the annual interest rate of the coupon.

Price is the price.

Redemption is the redemption value per $100 of face value.

Frequency is the number of payments per year. The valid values are 1, 2, and 4 where annual payments =1, semiannual payments =2, and quarterly payments =4.

Basis is a parameter that indicates the time-count basis to be used. The default value for Basis is 0, which is typically used by American agencies and assumes 30-day months and 360-day years (30/360). Possible values for this parameter are listed in the following table.

Basis value Application

0 (30/360)

Assumes 30 days in each month, 360 days in each year.

1 (actual/actual)

Assumes actual number of days in each month, actual number of days in each year.

2 (actual/360)

Assumes actual number of days in each month, 360 days in each year.

3 (actual/365)

Assumes actual number of days in each month, 365 days in each year.

4 (30/60)

Used by European agencies, assumes the same values as “0” for American institutions.

Usage Notes

If Settlement, Maturity, Issue, or FirstCoupon is not an integer, it is truncated.

The engine returns an empty cell if:

  • Settlement, Maturity, Issue, or FirstCoupon is not a valid date
  • CouponRate < 0
  • Price £ 0
  • The following date-related condition is not satisfied: Maturity > FirstCoupon > Settlement > Issue

The Settlement date and the Maturity date should be included within single quotations in the expression for the expression to be considered as a valid expression.