# Documentation/Calc Functions/COUPDAYSNC

Jump to navigation Jump to search

COUPDAYSNC

## Category:

Financial Analysis

## Summary:

Calculates the number of days between the settlement date and the next coupon date.

## Syntax:

COUPDAYSNC(Settlement; Maturity; Frequency[; Basis])

## Returns:

Returns a positive integer which is the count of days from the settlement date until the next interest date.

## Arguments:

Settlement is a date or a reference to a cell containing that date which is the date at which the interest accrued up until then is to be calculated.

Maturity is a date or a reference to a cell containing that date which is the date on which the security matures (expires).

Frequency is a positive integer or a reference to a cell containing that integer which is the number of interest payments per year (1, 2 or 4).

Frequency Frequency
1 Annual
2 Semiannual
4 Quarterly

Basis is a positive integer from 0 to 4 or a reference to a cell containing that integer which is chosen from a list of options and indicates how the year is to be calculated. For more 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 are not valid dates then the function returns an value(#VALUE!) error.
• If Settlement date is after the Maturity date then the function returns an error value.
• If Frequency, and Basis are non-integer values, then the function uses their floor value, i.e. they are truncated to an integer value.
• After truncation if Frequency is any number except 1,2 or 4, then the function returns an error value.
• After truncation if Basis is ny number except 0,1,2,3,4 or missing(passed as empty argument or not passed at all),then the function will return an error value.

None

## Examples:

Formula Description Returns
=COUPDAYSNC("2001-01-25"; "2001-11-15"; 2; 3) A security is purchased on 2001-01-25; the date of maturity is 2001-11-15. Interest is paid half-yearly (frequency is 2). Using daily balance interest calculation (basis 3) how many days are there until the next interest payment? 110
=COUPDAYSNC("2001-01-25"; "2001-11-15"; 2; ) A security is purchased on 2001-01-25; the date of maturity is 2001-11-15. Interest is paid half-yearly (frequency is 2). Using daily balance interest calculation (basis 0 by default) how many days are there until the next interest payment? 110
=COUPDAYSNC("2001-01-25.05"; "2001-11-15"; 2; 3) The function returns an error value if either Settlement or Maturity are not valid dates. #VALUE!
=COUPDAYSNC("2002-01-25"; "2001-11-15"; 2; 3) The function returns an error when Settlement date is after the Maturity date. Err:502

COUPDAYSNC