Use the COUPDAYSNC function to calculate the number of coupon days from the settlement date until the next coupon date.
The number returned excludes the settlement date and includes the last day of the next coupon period.
COUPDAYSNC(settlement, maturity, frequency[, basis])
The COUPDAYSNC function has the following arguments:
|settlement (required)||Date||The date the bond is traded to the buyer — the settlement date.|
|maturity (required)||Date||The bond maturity date — the date when the bond expires.|
The number of coupon payments per year.
The basis determines how many days exist in a year.
A full year has:
US 30/360 is the default basis for COUPDAYSNC. 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.
The COUPDAYSNC 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 30/360), 1 (Actual/Actual), 2 (Actual/360), 3 (Actual/365), or 4 (EUR 30/360).
The following tables show some example formulas using the COUPDAYSNC function.
You can reference line items or list properties in your formula.
|COUPDAYSNC(DATE(2015, 1, 15), DATE(2018, 1, 31), 1, 1)||
This example shows how the number of days from the settlement date until the next coupon date can be calculated when a basis is specified.
The basis is given as 1 (Actual/Actual).
The example uses:
|COUPDAYSNC(DATE(2015, 1, 15), DATE(2018, 1, 31), 4)||
In this example, number of days from the settlement date until the next coupon date is calculated without specifying a basis. As a result, the basis defaults to US 30/360.