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The Excel COUPDAYS Function
Basic Description
The Excel COUPDAYS function calculates the number of days in a coupon period that contains the settlement date.
The syntax of the function is :
COUPDAYS( settlement, maturity, frequency, [basis] )
Where the arguments are as follows:
| settlement |
- |
The security's settlement date
|
| maturity |
- |
The security's maturity date
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| frequency |
- |
The number of coupon payments per year. This must have one of the following values:
| 1 | - | Annually |
| 2 | - | Semi-Annually |
| 4 | - | Quarterly |
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| [basis] |
- |
An optional argument which defines the day count basis to be used in the calculation.
This may have any of the following values :
| Basis |
Day Count Basis |
| 0 (or omitted) |
US (NASD) 30/360 |
| 1 |
actual/actual |
| 2 |
actual/360 |
| 3 |
actual/365 |
| 4 |
European 30/360 |
A detailed explanation of the financial day count basis rules is provided on the
Wikipedia Day Count Convention page
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As the settlement and maturity arguments are dates, these should be input to the function as either:
- References to cells containing dates
or
- Date values returned from formulas
- If you attempt to input these dates as text, it is possible that they may be misinterpreted, due
to different date systems, or date interpretation settings on your computer.
Warning: Although you can supply dates
as serial numbers, this is not recommended as the serial numbers may vary across different computer systems.
Excel Coupdays Function Example
Cell A3 of the spreadsheet below shows the Excel Coupdays function, used to calculate the number of days in
the period containing the settlement date, for a security that has the settlement date 01-Jan-2011, maturity date
25-Oct-2012, and 4 payments per year. The US (NASD) 30/360 day count basis is used.
The spreadsheet on the left shows the format of the function and the spreadsheet on the right shows the function result.
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Formula:
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A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
=COUPDAYS( A1, A2, 4 ) |
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Result:
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A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
90 |
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Note that, in the above example :
-
As recommended, the settlement and maturity date arguments have been supplied to the function as references
to cells containing dates
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The [basis] argument has been omitted from the function. Therefore, the function uses the default value 0
(denoting the US (NADS) 30/360 day count basis)
More details and examples of the Excel Coupdays function are provided on the
Microsoft Office website.
Coupdays Function Errors
If you get an error from the Excel Coupdays Function, this is most likely to be one of the following:
Common Errors
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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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#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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#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 Coupdays 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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