COUPDAYBS
How many days of the current coupon period have passed at settlement.
Group: Financial. Compatible with DAX.
Syntax
COUPDAYBS ( <settlement>, <maturity>, <frequency> [, <basis>] )| Parameter | Type | Description |
|---|---|---|
settlement | Date | The day the buyer takes the security over; later than its issue. |
maturity | Date | The day the security ends and its face value is repaid. |
frequency | Whole number | Coupons a year: 1 for yearly, 2 for half-yearly, 4 for quarterly. |
basis | Whole number optional | The day count, by number: US 30/360 (0, when left out), actual/actual (1), actual/360 (2), actual/365 (3) or European 30/360 (4). |
Returns
Number. The days from the coupon date before settlement up to settlement.
Remarks
- These are the days of interest a buyer pays the seller for: the days the seller held the bond since its last coupon.
- The day counts: 0 and 4 count every month as 30 days (they differ only at month ends), 1 counts the actual days over the actual length of the year or coupon period, 2 the actual days over 360 and 3 the actual days over 365.
- Coupons fall on maturity's day of the month, stepping back from maturity by 12 / frequency months. When maturity is the last day of a month, every coupon date is a month's last day too.
- A settlement on or after maturity is an error. The dates are taken as whole days. frequency and basis are rounded to whole numbers first; a frequency other than 1, 2 or 4, or a basis outside 0 to 4, is an error.
Examples
Days since the last coupon
A half-yearly bond maturing 15 November, bought 25 January: the last coupon was 15 November of the year before.
EVALUATE
ROW (
"Last coupon", COUPPCD ( DATE ( 2011, 1, 25 ), DATE ( 2011, 11, 15 ), 2, 1 ),
"Days, actual", COUPDAYBS ( DATE ( 2011, 1, 25 ), DATE ( 2011, 11, 15 ), 2, 1 ),
"Days, 30/360", COUPDAYBS ( DATE ( 2011, 1, 25 ), DATE ( 2011, 11, 15 ), 2, 0 )
)| Last coupon | Days, actual | Days, 30/360 |
|---|---|---|
| 2010-11-15 | 71 | 70 |