Microsoft Office Tutorials and References

In Depth Information

**COUPDAYSNC**

COUPDAYSNC

COUPDAYSNC
returns the number of days between the settlement date to the next coupon date.

=COUPDAYSNC(settlement,maturity,frequency,basis)

The
COUPDAYSNC
function is found only if the Analysis Toolpak is installed. It must be turned on

using the Add-Ins command from the Tools menu. Notice Figure 6.7. The bond settlement date

(the date a buyer purchases a coupon such as a bond) is 5/15/1999 and the maturity date (the

date the bond expires) is 7/15/2001. The frequency is semiannual and the basis is Actual/actual.

The number of days from the coupon settlement date to the next coupon date is 61. By using cell

referencing instead of applying the dates in the formula, your formula becomes more flexible.

The security’s settlement date. This is the date after the issue date when

the security is traded to the buyer.

SETTLEMENT

The security’s maturity date. The date when the security expires.

MATURITY

The number of payments per year— Annual = 1; Semiannual = 2; Quarterly = 4.

FREQUENCY

The day count basis to use. If omitted, 0 is used. See additional choices

in Figure 6.7.

BASIS

Figure 6.7

The
COUPDAYSNC

function returns the

number of days

between the settlement

date to the next

coupon date.

A

The function

resulting from

cell referencing

COUPNCD

COUPNCD
returns the number that represents the next coupon date after the settlement date.

=COUPNCD(settlement,maturity,frequency,basis)

The
COUPNCD
function is found only if the Analysis Toolpak is installed. It must be turned on

using the Add-Ins command from the Tools menu. The cell in which the function is in must

also be in a date format. In Figure 6.8, the bond settlement date (the date a buyer purchases

a coupon such as a bond) is 5/15/1999 and the maturity date (the date the bond expires) is

9/15/2000. The frequency is semiannual and the basis is Actual/actual. The next coupon

date after the settlement date is 9/15/1999. By using cell referencing instead of applying the

dates in the formula, your formula becomes more flexible.