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:
|
| basis (optional) | Number |
The basis determines how many days exist in a year. A full year has:
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:
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:
|
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:
|
90 |