Excel - Microsoft Excel COUPDAYS Function

Description

The Excel COUPDAYS function calculates the number of days in a coupon period that contains the settlement date. 

The syntax of the function is : 

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

Where the arguments are as follows: 

As the settlement and maturity arguments are dates, these should be input to the function as either: 

• References to cells containing dates

or 

• Date values returned from formulas

- If you attempt to input these dates as text, it is possible that they may be misinterpreted, due to different date systems, or date interpretation settings on your computer. 

Warning: Although you can supply dates as serial numbers, this is not recommended as the serial numbers may vary across different computer systems. 

Excel Coupdays Function Example

Cell A3 of the spreadsheet below shows the Excel Coupdays function, used to calculate the number of days in the period containing the settlement date, for a security that has the settlement date 01-Jan-2011, maturity date 25-Oct-2012, and 4 payments per year. The US (NASD) 30/360 day count basis is used. 

The spreadsheet on the left shows the format of the function and the spreadsheet on the right shows the function result. 

Coupdays Function Errors

If you get an error from the Excel Coupdays Function, this is most likely to be one of the following: 

Common Errors