The COUPDAYSNC Function is categorized under Excel Financial functions. It helps calculate the number of days from the settlement date to the next coupon rate.As we are aware, coupon bonds pay interest at regular intervals. MS Excel introduced the COUPDAYSYNC function to calculate the days before we get paid. Thus, it allows us to manage cash flows in an efficient manner.
Syntax:= COUPDAYSNC(settlement, maturity, frequency, [basis])
The COUPDAYSNC function syntax has the following arguments:
- Settlement Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
- Maturity Required. The security’s maturity date. The maturity date is the date when the security expires.
- Frequency Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
- Basis Optional. The type of day count basis to use.
|Basis||Day count basis|
|0 or omitted||US (NASD) 30/360|
Example: Let’s look at some Excel COUPDAYSNC function examples and explore how to use the COUPDAYSNC function as a worksheet function in Microsoft Excel:
Based on the Excel spreadsheet above, the following COUPDAYSNC examples would return:
- In Excel, dates are serial numbers.
- All arguments are truncated to integers, so for example, time is ignored.
- If settlement or maturity dates are not valid, COUPDAYSNC returns #VALUE!
- If basis is out-of-range , COUPDAYSNC returns #NUM!
- If maturity date is not later than settlement date, COUPDAYSNC returns #NUM!