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COUPDAYS function in Excel


COUPDAYS function returns the number of days in the coupon period that contains settlement date.


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

settlement  – The date at which the security is traded to a buyer.

maturity – The date of expiry of the security also called maturity date.

frequency – The frequency of coupon payments in a specific period.

[basis] – The optional argument which is used to specify day count basis to use:

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


Suppose, a security/ bond has a settlement date of June 30, 2017, and maturity date of Aug 15, 2019, with 6 payments per year. The formula will be:


The US (NASD) 30/360 day count basis is used.

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