COUPNUM
Returns the number of coupons payable between the settlement date and maturity date, rounded up to the nearest whole coupon.
If this function is not available, run the Setup program to install the Analysis ToolPak. After you install the Analysis ToolPak, you must enable it by using the Add-Ins command on the Tools menu.
Syntax
COUPNUM(settlement,maturity,frequency,basis)
Settlement is 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 is the security's maturity date. The maturity date is the date when the security expires.
Frequency is the number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
Basis is 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
- 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, 1996, and is purchased by a buyer six months later. The issue date would be January 1, 1996, the settlement date would be July 1, 1996, and the maturity date would be January 1, 2026, which is 30 years after the January 1, 1996, issue date.
- All arguments are truncated to integers.
- If any argument is nonnumeric, COUPNUM returns the #VALUE! error value.
- If settlement or maturity is not a valid date, COUPNUM returns the #NUM! error value.
- If frequency is any number other than 1, 2, or 4, COUPNUM returns the #NUM! error value.
- If basis < 0 or if basis > 4, COUPNUM returns the #NUM! error value.
- If settlement ³ maturity, COUPNUM returns the #NUM! error value.
Example
A bond has the following terms:
January 25, 1993, settlement date
November 15, 1994, maturity date
Semiannual coupon
Actual/actual basis
The number of coupon payments (in the 1900 date system) is:
COUPNUM("1/25/93","11/15/94",2,1)
equals 4