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In this comprehensive article, we will explore everything you need to know about the COUPDAYS function in Microsoft Excel. The COUPDAYS function is a financial function that calculates the number of days in the coupon period containing the settlement date. This function is particularly useful for bond investors and financial analysts who need to determine the number of days between coupon payments for a bond or other fixed-income security.


The syntax for the COUPDAYS function is as follows:

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


  • settlement is the settlement date, which is the date when the bond is purchased or when the buyer takes ownership of the bond.
  • maturity is the maturity date, which is the date when the bond expires or when the bond issuer repays the principal to the bondholder.
  • frequency is the number of coupon payments per year. It can be 1 (annual), 2 (semi-annual), or 4 (quarterly).
  • basis (optional) is the day count basis used to calculate the number of days between dates. It can be 0 (US 30/360), 1 (Actual/Actual), 2 (Actual/360), 3 (Actual/365), or 4 (European 30/360). If omitted, the default value is 0 (US 30/360).


Let’s look at some examples of how to use the COUPDAYS function in Excel:

Example 1: Calculate the number of days in the coupon period for a bond with a settlement date of January 1, 2021, a maturity date of January 1, 2026, semi-annual coupon payments, and a US 30/360 day count basis.

=COUPDAYS(“1/1/2021”, “1/1/2026”, 2, 0)

This formula will return 180, indicating that there are 180 days in the coupon period containing the settlement date.

Example 2: Calculate the number of days in the coupon period for a bond with a settlement date of March 15, 2021, a maturity date of September 15, 2025, quarterly coupon payments, and an Actual/Actual day count basis.

=COUPDAYS(“3/15/2021”, “9/15/2025”, 4, 1)

This formula will return 91, indicating that there are 91 days in the coupon period containing the settlement date.

COUPDAYS Tips & Tricks

  • Ensure that the settlement and maturity dates are entered as date values or text representations of dates. Excel may not recognize dates entered as text strings, so it’s best to use the DATE function or enter dates in a recognizable format.
  • Remember that the frequency argument must be 1, 2, or 4. Any other value will result in an error.
  • If you’re unsure about the day count basis to use, consult the bond’s prospectus or consult with a financial professional.
  • Use the COUPDAYS function in conjunction with other financial functions, such as COUPDAYBS, COUPDAYSNC, and COUPNCD, to perform more complex bond calculations.

Common Mistakes When Using COUPDAYS

  • Entering incorrect or unrecognized date formats for the settlement and maturity arguments.
  • Using an invalid value for the frequency argument.
  • Forgetting to include the optional basis argument when a different day count basis is required.

Why Isn’t My COUPDAYS Function Working?

If your COUPDAYS function isn’t working, consider the following troubleshooting steps:

  • Check the settlement and maturity date arguments for correct formatting and valid date values.
  • Ensure that the frequency argument is set to 1, 2, or 4.
  • Verify that the basis argument, if included, is set to a valid value (0, 1, 2, 3, or 4).
  • Examine the formula for any syntax errors or typos.

COUPDAYS: Related Formulae

Here are some related financial functions in Excel that you may find useful when working with bonds and fixed-income securities:

  • COUPDAYBS: Calculates the number of days from the beginning of the coupon period to the settlement date.
  • COUPDAYSNC: Calculates the number of days from the settlement date to the next coupon date.
  • COUPNCD: Calculates the next coupon date after the settlement date.
  • COUPPCD: Calculates the previous coupon date before the settlement date.
  • COUPNUM: Calculates the number of remaining coupon payments between the settlement date and the maturity date.

By mastering the COUPDAYS function and related formulae, you’ll be well-equipped to handle a wide range of bond calculations and financial analyses in Excel.


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