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The Excel COUPDAYBS Function
Basic Description
The Excel COUPDAYBS function calculates the number of days from the beginning of a coupon's period to the settlement date.
The syntax of the function is :
COUPDAYBS( settlement, maturity, frequency, [basis] )
Where the arguments are as follows:
| settlement |
- |
The settlement date of the security
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| maturity |
- |
The maturity date of the security
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| frequency |
- |
The number of coupon payments per year. Must be either:
| 1 | - | Annually |
| 2 | - | Semi-Annually |
| 4 | - | Quarterly |
|
| [basis] |
- |
An optional argument which defines the day count basis to be used in the calculation.
Possible values of basis and their meanings are :
| Basis |
Day Count Basis |
| 0 (or omitted) |
US (NASD) 30/360 |
| 1 |
actual/actual |
| 2 |
actual/360 |
| 3 |
actual/365 |
| 4 |
European 30/360 |
The financial day count basis rules are explained in more detail on the
Wikipedia Day Count Convention page
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Note that the settlement and maturity dates should be input as either:
- References to cells containing dates
or
- Dates returned from formulas
- 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.
Excel Coupdaybs Function Example
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.
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Formula:
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A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
=COUPDAYBS( A1, A2, 4 ) |
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Result:
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A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
76 |
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Note that, in the above example :
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As recommended by Microsoft, the date arguments have been input as references to cells containing dates
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As the [basis] argument has been omitted, the function uses the default value 0 (denoting the US (NADS)
30/360 day count basis)
More details and examples of the Excel Coupdaybs function are provided on the
Microsoft Office website.
Coupdaybs Function Errors
If you get an error from the Excel Coupdaybs Function, this is most likely to be one of the following:
Common Errors
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#NUM!
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-
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Occurs if either:
| - | the supplied settlement date is ≥ maturity date |
| or | |
| - | the supplied frequency argument is a number that is not equal to 1, 2 or 4 |
| or | |
| - | the supplied [basis] argument is a number that is not equal to 0, 1, 2, 3 or 4 |
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#VALUE!
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-
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Occurs if either:
| - | the supplied settlement or the supplied maturity date is not a valid Excel date |
| or | |
| - | the supplied frequency or the supplied [basis] argument is non-numeric |
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#NAME?
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-
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Occurs when Analysis ToolPak add-in is not enabled in your Excel.
You will need to enable the add-in if you want to use the Excel Coupdaybs function.
To do this in Excel 2003 :
- From the Tools drop-down menu, select the option Add-Ins ...
- An 'Add-Ins' window will pop up. From this, select the option Analysis ToolPak and click OK
To do this in Excel 2007 or Excel 2010 :
- Click the Microsoft button on the top left of your spreadsheet and select
the Excel Options button
- From the menu on the left hand side, select Add-Ins
- In the 'Manage:' box, select Excel Add-ins and click Go...
- An 'Add-Ins' window will pop up. From this, select the option Analysis ToolPak
and click OK
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