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COUPDAYS function: Description, Usage, Syntax, Examples and Explanation

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What is COUPDAYS function in Excel?

COUPDAYS function is one of the Financial functions in Microsoft Excel that returns the number of days in the coupon period that contains the settlement date.

Syntax of COUPDAYS function

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

The COUPDAYS function syntax has the following arguments:

  • Settlement: The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
  • Maturity: The security’s maturity date. The maturity date is the date when the security expires.
  • Frequency: The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
  • Basis(Optional): The type of day count basis to use.

Note: Problems can occur if dates are entered as text. Therefore, all dates should be entered by using the DATE function, or formatted as date under format cell to avoid errors.

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

COUPDAYS formula explanation

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date is January 1, 2038, 30 years after the January 1, 2008 issue date.
  • All arguments are truncated to integers.
  • If settlement or maturity is not a valid date, COUPDAYS returns the #VALUE! error value.
  • If frequency is any number other than 1, 2, or 4, COUPDAYS returns the #NUM! error value.
  • If basis < 0 or if basis > 4, COUPDAYS returns the #NUM! error value.
  • If settlement ≥ maturity, COUPDAYS returns the #NUM! error value.

Example of COUPDAYS function

Steps to follow:

1. Open a new Excel worksheet.

2. Copy data in the following table below and paste it in cell A1

Note: For formulas to show results, select them, press F2 key on your keyboard and then press Enter.

You can adjust the column widths to see all the data, if need be.

Data Description
25-Jan-11 Settlement date
15-Nov-11 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPDAYS(A2,A3,A4,A5) The number of days in the coupon period that contains the settlement date, for a bond with the above terms. 181

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