1. Calculation functions
2. All Functions
3. Financial Functions
4. COUPDAYS 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])

The COUPDAYS function has the following arguments:

 Argument Data type Description settlement (required) Date The date the bond is traded to the buyer — the settlement date. maturity (required) Date The bond maturity date — that is, 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 basis (optional) Number 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; and 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, or 4 for European 30/360. Learn about the conventions used to calculate the day count for basis.

 Returns Number

## Constraints

The COUPDAYS function has the following 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); and
• 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).

## Examples

The following tables show some example formulas using the COUPDAYS function.

You can reference line items or list properties in your formula.

 Formula Description Result COUPDAYS(DATE(2015, 1, 15), DATE(2018, 1, 15), 1, 1) 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. The basis is given as (Actual/Actual). The example uses: a settlement date of 01/15/2015, a maturity date of 01/15/2018, and a frequency of 1 (annual). 365 COUPDAYS(DATE(2015, 1, 15), DATE(2018, 1, 15), 4) 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. Here: the settlement date is 01/15/2015, the maturity date is 01/15/2018, and the frequency is 4 (quarterly). 90