|
The Excel COUPDAYSNC Function
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:
- References to cells that contain dates
or
- Dates values returned from other formulas
Warning:
| - |
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.
|
Formula:
| |
A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
=COUPDAYSNC( A1, A2, 4 ) |
|
Result:
| |
A |
| 1 |
01-Jan-2011 |
| 2 |
25-Oct-2012 |
| 3 |
24 |
|
Note that, in the above example :
-
The date arguments have been input as references to cells containing dates (as recommended by Microsoft)
-
The [basis] argument has been omitted, and so the function uses the default value 0 (i.e. the US (NADS)
30/360 day count basis is used)
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 |
| or | |
| - | the supplied frequency value or the supplied [basis] argument is non-numeric |
|
|
#NUM!
|
-
|
Occurs if either:
| - | the settlement date is ≥ maturity date |
| or | |
| - | the frequency argument is any number other than 1, 2 or 4 |
| or | |
| - | 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.
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
|
|
