The Excel COUPDAYBS function calculates the number of days from the beginning of a coupon's period to the settlement date.
Where the arguments are as follows:
|settlement||-||The settlement date of the security|
|maturity||-||The maturity date of the security|
The number of coupon payments per year. Must be either:
|[basis]||-||An optional argument which defines the day count basis to be used in the calculation.|
Possible values of basis and their meanings are :
The financial day count basis rules are explained in more detail on the Wikipedia Day Count Convention page
Note that the settlement and maturity dates should be input as either:
- If you attempt to input these dates as text, there is a chance that Excel may misinterpret this due to different date systems, or date interpretation settings.
Warning: Although you can input the dates as serial numbers, this is not recommended as the serial numbers may vary across different computer systems.
Cell A3 of the spreadsheet below contains an example of the Excel Coupdaybs function, used to calculate the number of days from the beginning of a coupon's period to the settlement date. The security has the settlement date 01-Jan-2011, the maturity date 25-Oct-2012, and 4 payments per year. The US (NASD) 30/360 day count basis is used.
The format of the function is shown in the spreadsheet on the left and the result is shown in the spreadsheet on the right.
Note that, in the above example :
More details and examples of the Excel Coupdaybs function are provided on the Microsoft Office website.
If you get an error from the Excel Coupdaybs Function, this is most likely to be one of the following:
Occurs when Analysis ToolPak add-in is not enabled in your Excel.