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EXCEL COUPDAYS FUNCTION
Excel COUPDAYS Function Introduction
The Coupdays function in Excel computes the number of days in a coupon term that include the settlement date.
Description of Excel COUPDAYS Function
Syntax:
=COUPDAYS( settlement, maturity, frequency, [basis] )
Parameter:
- The following are the arguments:
settlement:maturity:
- The security’s settlement date.
frequency:
- An integer indicating the number of coupon payments made every year. This must have a value of 1, 2, or 4, implying:
| 1 | – | Annually |
| 2 | – | Semi-Annually |
| 4 | – | Quarterly |
[basis]:
- An optional integer input indicating the day count basis to be utilised.
This must be one of the values listed below:
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 | European 30/360 |
Step By Step Guide of COUPDAYS Function
Example :
Cell A3 of the spreadsheet below illustrates the Excel Coupdays function, which is used to determine the number of days in the period including the settlement date for a security with a settlement date of 01-Jan-2011, a maturity date of 25-Oct-2012, and 4 payments each year. The US (NASD) 30/360 day count basis is employed.
Key Points
- #NUM! – Occurs if either: the given settlement date is a maturity date; the supplied frequency argument is a number that is not equal to 1, 2, or 4; or the supplied [base] argument is a number that is not equal to 0, 1, 2, 3, or 4.
- #VALUE! – Occurs if either: the given settlement or maturity dates are not valid Excel dates; or any of the supplied arguments are non-numeric.
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