COUPDAYSNC function in Excel


The COUPDAYSNC function calculates the number of days from the settlement date to the next coupon date. The NC, in the word: COUPDAYSNC means “Next Coupon” and the function belongs to the financial function category.


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

The function syntax has the following arguments:

settlement – Required. After the security’s issue date, it the date on which the security is traded to the buyer.

maturity – Required. The date on which the security expires.

frequency – Required. The frequency of coupon payment within a year. Use the guide mentioned hereunder to select your desired frequency:

For  Frequency
Annual Payments 1
Semiannual 2
Quarterly 4

[basis] – Optional. The day count basis to be used in the calculation. If omitted, Excel uses “0” by default.

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



Function Errors

Error If 
 #NUM! the settlement date is greater than or equal to (≥) the maturity date.
the frequency argument provided by the user is not equal to 1, 2 or 4.
the optional basis argument is a number other than 0, 1, 2, 3 or 4.
#VALUE! dates are not valid.
Any argument found non-numeric.
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