The Excel COUPDAYSNC Function

Related Functions:

Basic Description

For a security, with given conditions, the Excel COUPDAYSNC function calculates the number of days from the settlement date to the next coupon date.

The syntax of the function is :

COUPDAYSNC( settlement, maturity, frequency, [basis] )

Where the arguments are as follows:

settlement - The security's settlement date
maturity - The security's maturity date
frequency -

The number of coupon payments per year. This must be 1, 2 or 4, meaning:

1 - Annually
2 - Semi-Annually
4 - Quarterly
[basis] - An optional argument which specifies the day count basis to be used.
Possible values 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 detail on the Wikipedia Day Count Convention page

Note that dates for the settlement and maturity arguments should be input as either:



- If you attempt to input dates as text, they may be interpreted differently, depending on the date system and date interpretation settings on your computer.
- You can input the dates as serial numbers. However, this is not recommended as the serial numbers used may vary across different computer systems.

Excel Coupdaysnc Function Example

The spreadsheet below shows an example of the Excel Coupdaysnc function, used to calculate the number of days from a security's settlement date to the end of the next coupon. The security has settlement date 01-Jan-2011, maturity date 25-Oct-2012, and four payments per year. The US (NASD) 30/360 day count basis is used.

The format of the function is shown in the left spreadsheet and the result is shown in the spreadsheet on the right.

1 01-Jan-2011
2 25-Oct-2012
3 =COUPDAYSNC( A1, A2, 4 )
1 01-Jan-2011
2 25-Oct-2012
3 24

Note that, in the above example :

Further information on the Excel Coupdaysnc function can be found on the Microsoft Office website.

Coupdaysnc Function Errors

If you get an error from the Excel Coupdaysnc Function, this is most likely to be one of the following:

Common Errors
#VALUE! - Occurs if either:
- the supplied settlement or the supplied maturity date is not a valid Excel date
- the supplied frequency value or the supplied [basis] argument is non-numeric
#NUM! - Occurs if either:
- the settlement date is ≥ maturity date
- the frequency argument is any number other than 1, 2 or 4
- the supplied [basis] argument is any number other than 0, 1, 2, 3 or 4
#NAME? -

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 Coupdaysnc function.

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