COUPDAYS

The COUPDAYS function returns the number of days in the coupon period in which settlement occurs.

COUPDAYS(settle, maturity, frequency, days-basis)

settle: A date/time value or date string representing the trade settlement date, usually one or more days after the trade date.

maturity: A date/time value or date string representing the date when the security matures. maturity must be after the date specified for settle.

frequency: A modal value specifying the number of coupon payments each year.

annual (1): One payment per year.

semi-annual (2): Two payments per year.

quarterly (4): Four payments per year.

days-basis: An optional modal value specifying the number of days per month and days per year (days-basis convention) used in the calculations.

30/360 (0 or omitted): 30 days in a month, 360 days in a year, using the NASD method for dates falling on the 31st of a month.

actual/actual (1): Actual days in each month, actual days in each year.

actual/360 (2): Actual days in each month, 360 days in a year.

actual/365 (3): Actual days in each month, 365 days in a year.

30E/360 (4): 30 days in a month, 360 days in a year, using the European method for dates falling on the 31st of a month.

Example
Suppose you are considering the purchase of a hypothetical security. The purchase will settle on 2 April 2010 (settle), the bond matures on 31 December 2015 (maturity), and pays interest quarterly (frequency) on an actual calendar days basis (days-basis). =COUPDAYS(“2/4/2010”, “31/12/2015”, 4, 1) returns 91, because there are 91 days in the coupon period beginning 1 April 2010 and ending on 30 June 2010. This is the period in which settlement occurs.

Example

Suppose you are considering the purchase of a hypothetical security. The purchase will settle on 2 April 2010 (settle), the bond matures on 31 December 2015 (maturity), and pays interest quarterly (frequency) on an actual calendar days basis (days-basis).

=COUPDAYS(“2/4/2010”, “31/12/2015”, 4, 1) returns 91, because there are 91 days in the coupon period beginning 1 April 2010 and ending on 30 June 2010. This is the period in which settlement occurs.

See alsoCOUPDAYBS COUPDAYSNC

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COUPDAYS