Use the COUPDAYS function to return the number of coupon days in the coupon period that contains the settlement date.

Syntax

COUPDAYS(Settlement, Maturity, Frequency[, basis])

Arguments

ArgumentData typeDescription
Settlement (required)DateThe bond settlement date: The date the bond is traded to the buyer.
Maturity (required)DateThe bond maturity date: The date when the bond expires.
Frequency (required)Number

The number of coupon payments per year.

Enter:

  • 1 for annual
  • 2 for semi-annual
  • 4 for quarterly
BasisNumber

The basis determines how many days exist in a year.

A full year has:

  • 360 days when basis US (NASD) 30/360, Actual/360, and EUR 30/360 are used
  • 365 days when basis Actual/365 is used
  • 365 or 366 days when Actual/Actual is used

US 30/360 is the default basis for COUPDAYS. It can also be specified by entering 0.

To use a different type of day count basis, enter:

  • 1 for Actual/Actual
  • 2 for Actual/360
  • 3 for Actual/365
  • 4 for European 30/360

Learn about the conventions used to calculate the day count for basis.

The COUPDAYS function returns a number.

Calculation engine functionality differences

Financial functions are currently unavailable in Polaris. Learn more about the differences between Anaplan calculation engines.

Constraints

  • The settlement and maturity dates must be valid dates between 01/01/1900 and 12/31/2399.
  • The maturity date must be later than the settlement date.
  • The frequency must be either 1 (annual), 2 (semi-annual), or 4 (quarterly).
  • The basis, when specified, must be either 0 (US (NASD) 30/360), 1 (Actual/Actual), 2 (Actual/360), 3 (Actual/365), or 4 (EUR 30/360).

Excel equivalent

COUPDAYS

Examples

This example shows how the number of days in the coupon period that contains the settlement date can be calculated when a basis is specified.

FormulaDescriptionResult
COUPDAYS(DATE(2018, 1, 15), DATE(2021, 1, 15), 1, 1)

This formula uses:

  • a settlement date of 01/15/2018
  • a maturity date of 01/15/2021
  • a frequency of 1 (annual)
  • a basis of 1 (Actual/Actual)
365

In this example, the number of days in the coupon period that contains the settlement date is calculated without specifying a basis. As a result, the basis defaults to US 30/360.

FormulaDescriptionResult
COUPDAYS(DATE(2018, 1, 15), DATE(2021, 1, 15), 4)

This formula uses:

  • the settlement date is 01/15/2018
  • the maturity date is 01/15/2021
  • the frequency is 4 (quarterly)
90