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.|
An integer, representing the number of coupon payments per year. This must have the value 1, 2, or 4, meaning:
This must be one of the following values:
The financial day count basis rules are explained on the Wikipedia Day Count Convention page
Note that the settlement and maturity dates should be input as either:
Warning: If you attempt to input these dates as text, there is a chance that Excel may misinterpret them due to different date systems, or date interpretation settings on your computer.
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.
Note that, in the above example:
For further details and examples of the Excel Coupdaybs function, see the Microsoft Office website.
If you get an error from the Excel Coupdaybs Function, this is likely to be one of the following: