Documentation/Calc Functions/COUPDAYS
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Function name:
COUPDAYS
Category:
Financial Analysis
Summary:
Calculates the number of days in the coupon period that contains the settlement date.
Syntax:
COUPDAYS(Settlement; Maturity; Frequency[; Basis])
Returns:
Returns a number in the range 90 to 366 (inclusive), which is the number of days in the coupon period in which the settlement date falls. In some cases, the value returned may include a fractional part.
Arguments:
Settlement is a date (in quotation marks) or a date-time serial number, or a reference to a cell containing one of those types, which specifies when a trade is "settled". On this date the seller completes the transfer of the bond to the buyer, and the buyer makes the appropriate payment to the seller.
Maturity is a date (in quotation marks) or a date-time serial number, or a reference to a cell containing one of those types, which specifies when the bond matures. On maturity, the bond issuer must repay the bond holder the full amount of the bond.
Frequency is a positive integer, or a reference to a cell containing that integer, that is the number of coupons paid per year. Valid values are 1 (annual), 2 (semiannual), or 4 (quarterly).
Basis is an integer in the range 0 to 4, or a reference to a cell containing that integer, which indicates how the year is to be calculated. For more background information, visit Wikipedia's Day count convention page.
| Basis | Calculation |
|---|---|
| 0 or missing | US method (NASD), 12 months of 30 days each |
| 1 | Exact number of days in months, exact number of days in year. |
| 2 | Exact number of days in month, year has 360 days. |
| 3 | Exact number of days in month, year has 365 days. |
| 4 | European method, 12 months of 30 days each. |
- If either Settlement or Maturity is not a valid date expression, then COUPDAYS reports a #VALUE! error.
- If the Settlement date is on or after the Maturity date then COUPDAYS reports an invalid argument error (Err:502).
- If Frequency is non-numeric, then COUPDAYS reports a #VALUE! error.
- If Basis is non-numeric, then COUPDAYS reports an invalid argument error (Err:502).
- If either Basis or Frequency is a non-integer value, then COUPDAYS truncates it to an integer value.
- If, after any truncation, Frequency is not equal to 1, 2, or 4, then COUPDAYS reports an invalid argument error (Err:502).
- If, after any truncation, Basis is not equal to 0, 1, 2, 3, or 4, then COUPDAYS reports an invalid argument error (Err:502).
Additional details:
- When the Basis argument is set to 1 (exact number of days in months, exact number of days in year), COUPDAYS calculates back from the maturity date to find the two coupon dates (one before or on the settlement date, one after the settlement date) and then returns the number of days between them.
- For all other valid values of the Basis argument, all years are considered to comprise the same number of days and so COUPDAYS calculates the number of days in the coupon period containing the settlement date simply by dividing the number of days per year by the specified value of the Frequency argument. For Basis values of 0, 2, and 4, COUPDAYS returns a value of either 90, 180, or 360 (depending on Frequency). For a Basis value of 3, COUPDAYS returns 365, 182.5, or 91.25 (depending on Frequency).
- The examples on this page use the standard ISO 8601 format for dates because this should be independent of your selected locale settings. The default date format on your computer may be different. Avoid using locale dependent date formats which may produce errors if the document is loaded under different locale settings. It is often good practice to utilize the DATE function instead of typing formatted date values.
- If either Settlement or Maturity includes time components, they are ignored by COUPDAYS.
- For more background information about coupons, visit Wikipedia’s Coupon (finance) page.
Examples:
| Formula | Description | Returns |
|---|---|---|
| =COUPDAYS(A1; A2; A3; A4) where cell A1 contains the date 2022-09-01, cell A2 contains the date 2025-11-15, cell A3 contains the number 2, and cell A4 contains the number 3. | An investor purchases a bond with a maturity date of 2025-11-15, with the trade settled on 2022-09-01. The bond pays interest every six months and the applicable day count convention is basis 3 (exact number of days in month, 365 days in year). Here the function calculates the number of days in the coupon period that contains the settlement date as 182.5. | 182.5 |
| =COUPDAYS("2022-09-01"; "2022-11-15"; 2) | An investor purchases a bond with a maturity date of 2025-11-15, with the trade settled on 2022-09-01. The bond pays interest every six months. Since the fourth argument is omitted, COUPDAYS defaults to a day count convention of basis 0 (12 months of 30 days each). Here the function calculates the number of days in the coupon period that contains the settlement date as 180. | 180 |
| =COUPDAYS(DATE(2022; 9; 1); DATE(2025; 11; 15); 2) | Here the formula performs the same function as in the previous example but utilizes the DATE function instead of typing formatted date values. | 180 |
| =COUPDAYS(44805; 45976; 2) | Calc treats dates as numbers, where each date corresponds to a date-time serial number. Assuming that the Date option at ▸ ▸ ▸ ( ▸ ▸ ▸ on macOS) is set to its default value, 44805 is the date-time serial number for 2022-09-01 and 45976 is the date-time serial number for 2025-11-15. Here the formula performs the same function as in the previous example. | 180 |
Related LibreOffice functions:
ODF standard:
Related (or similar) Excel functions:
COUPDAYS