Difference between revisions of "Documentation/How Tos/Calc: COUPNUM function"

Revision as of 03:21, 1 June 2013

COUPNUM

Returns the number of coupons (interest payments) between the settlement date and maturity.

This function is only available if the Analysis AddIn is installed.

Syntax:

COUPNUM(settlement; maturity; frequency; basis)

settlement: the date of purchase of the security.

maturity: the date on which the security matures (expires).

frequency: number of interest payments per year (1, 2 or 4).

basis: is the calendar system to use. Defaults to 0 if omitted.

0 - US method (NASD), 12 months of 30 days each

1 - Actual number of days in months, actual number of days in year

2 - Actual number of days in month, year has 360 days

3 - Actual number of days in month, year has 365 days

4 - European method, 12 months of 30 days each

Example:

COUPNUM("2007-01-25"; "2009-11-15"; 2; 1)

returns 6. A bond is originally issued on 15 November 1999, with a ten year term; the date of maturity is 15 November 2009. You subsequently purchase it on the secondary market, with a settlement date of 25 January 2007. Interest is paid half-yearly (frequency is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Interest is paid 6 times: on 15 May 2007, 15 November 2007, 15 May 2008, 15 November 2008, 15 May 2009 and 15 November 2009.