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EXCEL COUPDAYBS FUNCTION
Excel COUPDAYBS Function Introduction
The Excel Coupdaybs function computes the number of days from the start of a coupon period to the settlement date using.
Description of Excel COUPDAYBS Function
Syntax:
=COUPDAYBS( settlement, maturity, frequency, [basis] )
Parameter:
- The following arguments:
settlement:
- The security’s settlement date
maturity:
- The security’s maturity date.
frequency:
- An integer indicating the number of coupon payments made every year. This must have a value of one, two, or four, 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 COUPDAYBS Function
Example :
Cell A3 of the table below provides an example of the Excel Coupdaybs method, which is used to compute the number of days between the start of a coupon period and the closing date. The security has a settlement date of January 1, 2011, a maturity date of October 25, 2012, and four payments per year. The 30/360 day count system is used in the United States (NASD)
Key Points
- #NUM! – Occurs if either: The given settlement date is maturity date; the supplied frequency argument is a number that is not one of one, two, or four; and the supplied [base] argument is a number that is not one of zero, one, two, three, or four.
- #VALUE! – Occurs if either the settlement or maturity dates specified are not valid Excel dates; Any of the supplements
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