Difference between revisions of "Documentation/How Tos/Calc: COUPDAYS function"

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== COUPDAYS ==
 
== COUPDAYS ==
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=== Example: ===
 
=== Example: ===
 
<tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 4)'''</tt>
 
<tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 4)'''</tt>
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:  returns <tt>'''180'''</tt>. A bond is originally issued on 15 November 1999, with a ten year term; the date of maturity is 15 November 2009. You subsequently purchase it on the secondary market, with a settlement date of 25 January 2007; Interest is paid half-yearly (<tt>'''frequency'''</tt> is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months).
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:  returns <tt>'''180'''</tt>. A bond is originally issued on 15 November 1999, with a ten-year term; the date of maturity is 15 November 2009. You subsequently purchase it on the secondary market, with a settlement date of 25 January 2007; Interest is paid half-yearly (<tt>'''frequency'''</tt> is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months).
  
 
=== Issues: ===
 
=== Issues: ===
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* For any <tt>'''basis'''</tt> except 1, the length of the interest period is calculated from the length of a year. Thus <tt>'''COUPDAYS'''</tt> returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless <tt>'''basis'''</tt> = 1, when the exact number of days are returned.
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* For any <tt>'''basis'''</tt> except 1, the length of the interest period is calculated from the length of a year. Thus, <tt>'''COUPDAYS'''</tt> returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless <tt>'''basis'''</tt> = 1, when the exact number of days are returned.
 
* Both Calc and Excel can return a non-integer number of days (including a fraction) - for example <tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3)'''</tt> returns <tt>'''182.5'''</tt> (= 365/2).
 
* Both Calc and Excel can return a non-integer number of days (including a fraction) - for example <tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3)'''</tt> returns <tt>'''182.5'''</tt> (= 365/2).
  
  
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{{Documentation/SeeAlso|
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{{SeeAlso|EN|
 
* [[Documentation/How_Tos/Calc: COUPDAYBS function|COUPDAYBS]]
 
* [[Documentation/How_Tos/Calc: COUPDAYBS function|COUPDAYBS]]
 
* [[Documentation/How_Tos/Calc: COUPDAYSNC function|COUPDAYSNC]]
 
* [[Documentation/How_Tos/Calc: COUPDAYSNC function|COUPDAYSNC]]

Latest revision as of 12:17, 31 January 2024

COUPDAYS

Returns the number of days in the coupon period that contains the settlement date.

This function is only available if the Analysis AddIn is installed.

Syntax:

COUPDAYS(settlement; maturity; frequency; basis)

settlement: the date of purchase of the security.
maturity: the date on which the security matures (expires).
frequency: number of interest payments per year (1, 2 or 4).
basis: is the calendar system to use. Defaults to 0 if omitted.
0 - US method (NASD), 12 months of 30 days each
1 - Actual number of days in months, actual number of days in year
2 - Actual number of days in month, year has 360 days
3 - Actual number of days in month, year has 365 days
4 - European method, 12 months of 30 days each

Example:

COUPDAYS("2007-01-25"; "2009-11-15"; 2; 4)

returns 180. A bond is originally issued on 15 November 1999, with a ten-year term; the date of maturity is 15 November 2009. You subsequently purchase it on the secondary market, with a settlement date of 25 January 2007; Interest is paid half-yearly (frequency is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months).

Issues:

  • For any basis except 1, the length of the interest period is calculated from the length of a year. Thus, COUPDAYS returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless basis = 1, when the exact number of days are returned.
  • Both Calc and Excel can return a non-integer number of days (including a fraction) - for example COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3) returns 182.5 (= 365/2).



See Also
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