In this article, we will learn about how to use the COUPDAYBS function in Excel.
COUPDAYBS function returns the days (number) from the start of a coupon period to settlement date. The formula takes input arguments which are explained as shown below.
settlement date : security settlement date after the issue date when the security is traded to the buyer.
maturity date : first period end date
Frequency : number of payments per year (annual = 1, semi annual = 2, quarterly = 4)
[basis] - [optional] Day count basis. Default is 0 and for more details, watch the below table.
|Basis||Day count basis|
|0||US (NASD) 30 / 360|
|1||actual / actual|
|2||actual / 360|
|3||actual / 365|
|4||European 30 / 360|
The COUPDAYBS function returns days from the beginning of the coupon period to the settlement date.
|=COUPDAYS(settlement, maturity, frequency, [basis])|
All of these might be confusing to understand. So, let's test this formula via running it on the example shown below. Here we will perform the COUPDAYBS function over values and significance with the numbers.
Use the formula:
|= COUPDAYBS( A2 ,A3 ,A4 ,A5 )|
A2 : settlement date in A2 cell
A3 : maturity date in A3 cell
A4 : Frequency in A4 cell
A5 : [basis] value in A5 cell
Here all the arguments to the function are given as cell references. Now press Enter to get the days.
The function returns 61 as the number of days from the date when the security is traded to the buyer. Usually problems occur when the date used for settlement date and Maturity date is not in valid format.
Use the DATE function with COUPDAYBS function to give a date argument.
Use the formula:
|= COUPDAYBS( DATE ( 2019 , 3 , 1 ) , DATE ( 2025 , 12 , 31 ) , A4 , A5 )|
As you can see COUPDAYBS function when used with the DATE function in a formula returns the same result.
Here are some observational notes using the COUPDAYBS function shown below.
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