## Excel COUPDAYSNC Function

The Excel COUPDAYSNC function returns the calculated number of days from the settlement date to the next coupon date.

#### Syntax

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

#### Arguments

• Settlement (required): The settlement date of the security, which is the date the investor takes possession of the security.
• Maturity (required): The maturity date of security, which is the date the security expires.
• Frequency (required): The number of coupon payments per year. It is strictly confined to three kinds of numbers.
• 1= annual payment;
• 2= semiannual payment;
• 4= quarterly payment.
• Basis (optional): The type of day count basis to use. It must be one of the following values:

#### Return value

The COUPDAYSNC function will return the number of days from the settlement date to the next coupon date.

#### Function notes

1. The dates in the settlement and maturity arguments cannot be entered as text. To ensure that, the two arguments must be entered as one of the following formats:
• cell references containing dates in Date format
• dates returned from formulas and functions like the DATE function
2. The dates in Date format are stored as serial numbers in the cells, which can be used in the calculations.
3. All arguments are truncated to integers.
4. #NUM! error will be returned when any of the following occurs:
• The settlement date is equal to or greater than (≥) the maturity date.
• The number supplied in the frequency argument is not equal to 1, 2, or 4.
• The number supplied in the optional basis argument is not equal to 0, 1, 2, 3, or 4.
5. #VALUE! error will be returned when any of the following occurs:
• The dates of settlement or maturity arguments are not valid.
• Any of the arguments entered in the formula is non-numeric.

#### Examples

As the below screenshot shows, how to calculate the days from the settlement date to the next coupon date? You can do as follows to achieve it.

Copy the formula below into cell F4 and press the Enter key to get the result.

=COUPDAYSNC (C5, C6, C7, C8)

Notes:

1. In the above formula, the settlement and maturity arguments are supplied as the cell references containing dates, which are C5 and C6.
2. The frequency and basis arguments are supplied as 4 and 1 respectively in the above formula. It means that the coupon payments are paid four times a year and the day count basis is the Actual/actual basis
3. If we want to input the values of the four arguments directly in the formula, we could use the help of the DATE function to generate valid dates. The formula becomes:

=COUPDAYSNC (DATE(2022,2,8), DATE(2028,1,1), 4, 1)

#### Relative Functions:

• Excel COUPDAYBS Function
The COUPDAYBS function returns the number of days between the beginning of the coupon period and its settlement date.

• Excel COUPDAYS Function
The COUPDAYS function returns the number of days in the coupon period including the settlement date.

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