Formulas and Functions Help
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COUPDAYBS
The COUPDAYBS function returns the number of days between the beginning of the coupon period in which settlement occurs and the settlement date.
COUPDAYBS(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.
semiannual (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 |
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Suppose you are considering the purchase of a hypothetical security. The purchase will settle on April 2, 2010 (settle), the bond matures on December 31, 2015 (maturity), and pays interest quarterly (frequency) on an actual calendar days basis (days-basis). =COUPDAYBS("4/2/2010", "12/31/2015", 4, 1) returns 2, because there are 2 days between the last coupon payment date of March 31, 2010, and the settlement date of April 2, 2010. This would be the number of days included in the computation of the accrued interest that would be added to the bond’s purchase price. |