YIELD

Summary

YIELD solves for the annual rate that makes PRICE(...) match the input pr.

Date inputs are spreadsheet serial dates and must satisfy maturity > settlement.
rate is coupon rate (annual decimal), pr is price per 100 face value, and redemption is redemption per 100; pr and redemption must be positive.
frequency must be 1 (annual), 2 (semiannual), or 4 (quarterly).
basis codes: 0=US(NASD)30/360, 1=Actual/Actual, 2=Actual/360, 3=Actual/365, 4=European30/360.
Result is an annualized decimal yield (for example, 0.05 means 5%).
This implementation uses Newton-Raphson iteration; if it cannot converge, it returns #NUM!.

Par price implies coupon-rate yield

Grid

Cell	Value
No inputs on Sheet1.

Formula

Result

Not evaluated yet.

Expected

0.05

Yield recovered from a discounted price

Grid

Cell	Value
No inputs on Sheet1.

Formula

Result

Not evaluated yet.

Expected

0.06

It is an annualized decimal yield (for example, 0.06 means 6% per year).

The Newton-Raphson solve can fail to converge or hit an unstable derivative; in those cases it returns #NUM!.