# COUPDAYSNC function

This article describes the formula syntax and usage of the COUPDAYSNC function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.

## Description

Returns the number of days from the settlement date to the next coupon date.

## Syntax

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

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 COUPDAYSNC function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):

• 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
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

## Remarks

• 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.
• 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 would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
• All arguments are truncated to integers.
• If settlement or maturity is not a valid date, COUPDAYSNC returns the #VALUE! error value.
• If frequency is any number other than 1, 2, or 4, COUPDAYSNC returns the #NUM! error value.
• If basis < 0 or if basis > 4, COUPDAYSNC returns the #NUM! error value.
• If settlement ≥ maturity, COUPDAYSNC returns the #NUM! error value.

## Example

The example may be easier to understand if you copy it to a blank worksheet.

1. Select the example in this article. If you are copying the example in Excel Online, copy and paste one cell at a time.
Important: Do not select the row or column headers.

Selecting an example from Help

1. Press CTRL+C.
2. Create a blank workbook or worksheet.
3. In the worksheet, select cell A1, and press CTRL+V. If you are working in Excel Online, repeat copying and pasting for each cell in the example.
Important: For the example to work properly, you must paste it into cell A1 of the worksheet.
4. To switch between viewing the results and viewing the formulas that return the results, press CTRL+` (grave accent), or on the Formulas tab, in the Formula Auditing group, click the Show Formulas button.

After you copy the example to a blank worksheet, you can adapt it to suit your needs.

A B
Data Description
January 25, 2007 Settlement date
November 15, 2008 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description (Result)
=COUPDAYSNC(A2,A3,A4,A5) The number of days from the settlement date to the next coupon date, for a bond with the above terms (110)

Note    In Excel Online, to view the result in its proper format, select the cell, and then on the Home tab, in the Number group, click the arrow next to Number Format, and click General.

Applies to:
Excel 2010, Excel Web App, SharePoint Online for enterprises, SharePoint Online for professionals and small businesses