WorksheetFunction.CoupDays method (Excel)
Returns the number of days in the coupon period that contain the settlement date.
Syntax
expression.CoupDays (Arg1, Arg2, Arg3, Arg4)
expression A variable that represents a WorksheetFunction object.
Parameters
| Name | Required/Optional | Data type | Description |
|---|---|---|---|
| Arg1 | Required | Variant | The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer. |
| Arg2 | Required | Variant | The security's maturity date. The maturity date is the date when the security expires. |
| Arg3 | Required | Variant | The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4. |
| Arg4 | Optional | Variant | The type of day count basis to use. |
Return value
Double
Remarks
Important
Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
The following table contains the values used in Arg4.
| Basis | Day count basis |
|---|---|
| 0 or omitted | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900. Microsoft Excel for the Macintosh uses a different date system as its default.
Note
Visual Basic for Applications (VBA) calculates serial dates differently than Excel. In VBA, serial number 1 is December 31, 1899, rather than January 1, 1900.
The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date is January 1, 2038, 30 years after the January 1, 2008 issue date.
All arguments are truncated to integers.
If settlement or maturity is not a valid date, CoupDays generates an error.
If frequency is any number other than 1, 2, or 4, CoupDays generates an error.
If basis < 0 or if basis > 4, CoupDays generates an error.
If settlement ≥ maturity, CoupDays generates an error.
Support and feedback
Have questions or feedback about Office VBA or this documentation? Please see Office VBA support and feedback for guidance about the ways you can receive support and provide feedback.