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

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

settlementThe settlement date of the security.
maturityThe maturity date of the security.
frequencyThe number of coupon payments in a year:
1 = annual
2 = semi annual
4 = quarterly
basis(Optional) The type of day counting to use:
0 = US 30/360 (default)
1 = Actual/Actual
2 = Actual/360
3 = Actual/365
4 = European 30/360

Remarks

* "SNC" is an abbreviation for settlement to next coupon.
* The "settlement" is the date a buyer purchases a coupon, such as a bond.
* The" maturity" is the date when the security expires.
* Dates must be entered as text strings within quotation marks or as serial numbers.
* If "settlement" is not an integer, it is truncated.
* If "settlement" >= "maturity", then #NUM! is returned.
* If "settlement" is not a valid date, then #NUM! is returned.
* If "maturity" is not an integer, it is truncated.
* If "maturity" is not a valid date, then #NUM! is returned.
* If "maturity" has passed, then #VALUE! is returned.
* If "frequency" is not an integer, it is truncated.
* If "frequency" is any number other than 1, 2 or 4, then #NUM! is returned.
* If "basis" is left blank, then 0 is used.
* If "basis" is not an integer, it is truncated.
* If "basis" < 0, then #NUM! is returned.
* If "basis" > 4, then #NUM! is returned.
* If you want to return the number of days between the previous coupon date and the settlement date you can use the COUPDAYBS function.
* In Excel 2003 this function was only available when you had the Analysis ToolPak add-in loaded.
* For the Microsoft documentation refer to support.office.com

 A
1=COUPDAYSNC("6 Jan 2011","31 Dec 2012",2,0) = 174
2=COUPDAYSNC("6 Jan 2011","31 Dec 2012",2,1) = 175
3=COUPDAYSNC("1/25/2004","11/15/2010",2.3,1.5) = #VALUE!
4=COUPDAYSNC("1/25/2009","11/15/2010",2,1.5) = #VALUE!
5=COUPDAYSNC("1/25/2009","11/15/2010",2,1) = #VALUE!

1 - How many days are there between the settlement date and the next coupon date if you purchase a bond on 6 Jan 2011 that matures on 31 Dec 2012. Assuming coupons are paid semi-annually and the day count is 30/360.
2 - How many days are there between the settlement date and the next coupon date if you purchase a bond on 6 Jan 2011 that matures on 31 Dec 2012. Assuming coupons are paid semi-annually and the day count is Actual/Actual.

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