Related Functions:

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

### Syntax

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

#### Arguments

Argument Description
settlement The security’s settlement date – the date after the issue date when the security is traded to the buyer
maturity The security’s maturity date – the date when the security expires
frequency The number of coupon payments per year. Must be one of the following:

 1 – Annually 2 – Semi-Annually 3 – Quarterly
[basis] Optional. Defines the day count basis to be used in the calculation

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

The financial day count basis rules are explained in detail on the Wikipedia Day Count Convention page

Note: The settlement and maturity dates should be input as either:

• References to cells containing dates, or
• Dates returned from formulas

If you attempt to input these date arguments as text, Excel may misinterpret them, due to different date systems, or date interpretation settings.

Warning: Although you can input the date arguments as date serial numbers, this is not recommended as date serial numbering does vary across different computer systems.

#### Examples

A B C D
1 Data Description
2 25-Jan-2014 Settlement date
3 11-Nov-2014 Maturity date
4 2 Semiannual coupon
5 1 Actual/actual basis
6
7 Formula Result Notes
8 =COUPDAYS(A2,A3,A4,A5) 181 The number of days in the coupon period that contains the settlement date, for a bond with the above terms

#### Common Function Error(s)

Problem What went wrong
#VALUE! Occurs if either:

 • the supplied settlement or the supplied maturity date is not a valid date • the supplied frequency or the supplied [basis] argument is non-numeric
#NUM! Occurs if either:

 • the supplied settlement date is ≥ maturity date • the supplied frequency argument is a number that is not equal to 1, 2 or 4 • the supplied [basis] argument is a number that is not equal to 0, 1, 2, 3 or 4
#NAME? Occurs when Analysis ToolPak add-in is not enabled