CoupDayBs

Syntax

CoupDayBs(Settlement, Maturity, Frequency[, Basis])

Parameters

Settlement. The payment day on securities. This date is later than the issue date (the date, when the securities were sold to the buyer).

Maturity. The security's maturity date. The maturity date is the date when the security expires.

Frequency. The number of payments for coupons in a year. This parameter may take the following values:

1. Annual payments.
2. Semi-annual payments.
4. Quarterly payments.

Basis. The day calculation method used. It is set in the range from 0 to 4:

0. The day calculation method - American. 360 days (NSAD method). Default value.
1. Day calculation method - Actual/actual.
2. Day calculation method - Actual/360 days.
3. Day calculation method - Actual/365 days.
4. Day calculation method - European 30/360 days.

Optional parameter.

NOTE. To determine the parameter, specify either the parameter value or the cell address where it is located.

Description

It returns the number of days from the beginning of the coupon period to the agreement date.

Comments

The value of the Settlement parameter must be less than value of the Maturity parameter.

The agreement date is the date when a coupon (for instance, a bond) was sold to a buyer. The payment date is the coupon expiry date. For example, a bond with duration of 30 years was issued on Jan 1, 2008 and was acquired by a buyer in 6 months after the issue date. The issue date is January 1, 2008, the calculation date is July 1, 2008 and the maturity date of this bond is January 1, 2038, that is, 30 years after the date.

Example

Formula	Result	Description
=CoupDayBs("11.11.2008", "31.12.2008",1, 3)	316	The number of days between the coupon valid from date and the maturity date based on the following terms: The calculation date is 11.11.2008. The maturity date is 31.12.2008. Annual coupon payments. The used method of day calculation - actual/365 days.
=CoupDayBs(A0, B0,2)	90	The number of days between the coupon valid from date and the maturity date based on the following terms: The calculation date is specified in the A0 cell, the value is 01.01.2007. The maturity date is specified in the B0 cell, the value is 01.10.2007. Semi-annual coupon payments. The used method of day calculation - American.