COUPDAYBS(settlement,maturity,frequency,basis) --- Returns the number of days from the beginning of th

Settlement is the security's date. The security settlement dat

Maturity is the security's maturity date. The maturity date is t

Frequency is the number of coupon payments per year.

Basis is the type of day count basis to use.

Basis
0 (or omitted)
1
2
3
4

Remarks:
All arguments are truncated to integers.

If settlement or maturity is not a valid date, COUPDAYBS returns the #VALUE! Error va

If frequency is any number other than 1, 2, or 4, COUPDAYBS returns the #NUM! error
If basis < 0 or if basis > 4 , COUPDAYBS returns the #NUM! error value.
If settlement maturity, COUPDAYBS returns the #NUM! error value.
Example #1
Data

1/25/2007
11/15/2008
2
1
Formula
=COUPDAYBS (B41,B42,B43,B44)

Example #2

Cell A3 of the spreadsheet below contains an example of the

calculate the number of days from the beginning of a coupon's
The security has the settlement date 01-Jan-2016, the maturit
per year. The US (NASD) 30/360 day count basis is used.
Formulas:
1/1/2016
10/25/2017
=COUPDAYBS(I55,I56,4)

COUPDAYS(settlement,maturity,frequency,basis) --Returns the number of days in the co

NOTE: Important Dates should be entered by using the DATE function, or as results of other

Settlement is the security's settlement date. The security settlement date

Maturity is the security's maturity date. The maturity date is the date when
Frequency is the number of coupon payments per year. For annual paymen
Basis is the type of day count basis to use.
Basis
0 or omitted
1
2
3
4

Day count basis

US (NASD) 30/360
Actual/actual
Actual/360
Actual/365
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.
All arguments are truncated to integers.
If settlement or maturity is not a valid date, COUPDAYS returns the #VALUE! error value.

If frequency is any number other than 1, 2, or 4, COUPDAYS returns the #NUM! error value.
If basis < 0 or if basis > 4, COUPDAYS returns the #NUM! error value.
If settlement = maturity, COUPDAYS returns the #NUM! error value.

EXAMPLE
1
2
3

A
Data
6-Apr-16
15-Nov-16
2

B
Description
Settlement date
Maturity date
Semiannual coupon (see above)

Actual/actual basis (see above)

Formula
182

Description (Result)

4
5
The number of days in the
coupon period that contains the
settlement date, for a bond with
the above terms.

COUPNCD(settlement,maturity,frequency,basis) --Returns a number that represents the

NOTE: Important Dates should be entered by using the DATE function, or as results of other

Settlement is the security's settlement date. The security settlement date

Maturity is the security's maturity date. The maturity date is the date when
Frequency is the number of coupon payments per year. For annual paymen
Basis is the type of day count basis to use.
Basis
0 or omitted
1
2
3
4

Day count basis

US (NASD) 30/360
Actual/actual
Actual/360
Actual/365
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.
All arguments are truncated to integers.
If settlement or maturity is not a valid date, COUPDAYS returns the #VALUE! error value.

If frequency is any number other than 1, 2, or 4, COUPDAYS returns the #NUM! error value.
If basis < 0 or if basis > 4, COUPDAYS returns the #NUM! error value.
If settlement = maturity, COUPDAYS returns the #NUM! error value.

EXAMPLE
1
2
3

A
Data
25-Jan-16
15-Nov-17
2

B
Description
Settlement date
Maturity date
Semiannual coupon (see above)

Actual/actual basis (see above)

Formula
5/15/2016

Description (Result)

4
5
The next coupon date after the
settlement date, for a bond with
the above terms is May 15,
2016

COUPPCD ( settlement, maturity, frequency, [basis]) ---The Excel COUPPCD function ret
settlement ---The settlement date of the security.
maturity ---The maturity date of the security.

[basis] OPTIONAL ---An optional integer argument th

BASIS
0
1
2
3
4

Note that the settlement and matur

References to cells containing dates

Dates returned from formulas.

Sample Problem
Argument

settlement date
maturity date
coupon frequency
basis (optional)

PREVIOUS COUPON DATE

Warning: If you attempt to input these dates as text, there is

them due to different date systems, or date interpretation setti
Common
The supplied settlement date is maturity
da
The
The supplied
supplied settlement
frequency argument
is
a
number
that
is
not
or the supplied maturity dates aree
The supplied [basis] argument is adates;
number that is not equa
Any of the supplied arguments are non-nume

DURATION(settlement, maturity, coupon, yld, frequency, [basis])

- Duration is defined as the weighted average of the present value of the ca

Settlement - The security's settlement date. The secu

Maturity - The security's maturity date. The maturity
Coupon - The security's annual coupon rate.
Yld- The security's annual yield.
Frequency - The number of coupon payments per yea
Basis(Optional) - The type of day count basis to use
Basis
0 or omitted
1
2
3
4

Remarks:
Microsoft Excel stores dates as sequential serial num

The settlement date is the date a buyer purchases a

on January 1, 2008, and is purchased by a buyer six m

Settlement, maturity, frequency, and basis are truncat

If settlement or maturity is not a valid date, DURATION

If coupon < 0 or if yld < 0, DURATION returns the #NU

If frequency is any number other than 1, 2, or 4, DURA

If basis < 0 or if basis > 4, DURATION returns the #NU

If settlement maturity, DURATION returns the #NUM

Data
39448
42370
0.08
0.09
2
1
5.9937749555

MDURATION(settlement,maturity,coupon,yld,frequency,[basis]) -

Note:
Dates should be entered by using the DATE function, o
For example, use DATE(2008,5,23) for the 23rd day of
Settlement
Maturity
Coupon
Yld
Frequency
Basis (optional)
Basis
0 or omitted
1
2
3
4

Remarks:
*The settlement date is the date a buyer purchases
The maturity date is the date when a coupon e
The issue date would be January 1, 2008, the s

*Settlement, maturity, frequency, and basis are tru

*If settlement or maturity is not a valid date, MDUR
*If yld < 0 or if coupon < 0, MDURATION returns the
*If frequency is any number other than 1, 2, or 4, M
*If basis < 0 or if basis > 4, MDURATION returns the
*If settlement maturity, MDURATION returns the #
*Modified duration is defined as follows:
Note:
Example 1:
Data
30-Mar-16
30-Mar-20
8%
9.00%
2
1
Example 2:
Data
30-Mar-16
30-Mar-20
8%
9.00%
2
1

NPER

Returns the number of periods for an investment based on periodic, constant payments
SYNTAX
NPER(rate,pmt,pv,[fv],[type])
Rate
Pmt
Pv
Fv
Type

The interest rate per period.

The payment made each period; it cannot change over the life of the annuity. Typ
The present value, or the lump-sum amount that a series of future payments is w
The future value, or a cash balance you want to attain after the last payment is m
The number 0 or 1 and indicates when payments are due.

EXAMPLES
0.23
-200

Annual interest rate

Payment made each period

-2000
23695
1
FORMULA
52.6491414159
53.1818197884
-9.2362453213

Present value
Future value
Payment is due at the beginning of the period (see above)

Periods for the investment with the above terms

Periods for the investment with the above terms, except pa
Periods for the investment with the above terms, except wi

PDURATION-Calculates the number of periods required for an investment to reach a specifie

**the Pduration function was only introduced in Excel 2
The syntax function is:
PDURATION(rate,pv,fv)
Where the arguments are as follows:
rate----the interest rate per period
pv-----the present value of the investment
fv------the required future value

Pduration Calculation
The Excel Pduration function uses the following calculation to calculate the n

NOTE: ERRORS
=PDURATION(4%,1000
#NUM!----Occurs if any of the supplied arguments are
#VALUE!----Occurs if any of the supplied arguments ar
EXAMPLE:

Number of years required for

$10,000 to reach a value of $15,000
at an interest rate of 4% per year:
Number of months required for an investment of $8,000,
earning 5.5% annually, to reach $1,200,000 :

er of days from the beginning of the coupon period to the settlement date.

s date. The security settlement date is the date after the issue date when the security is traded to the buyer.

maturity date. The maturity date is the date when the security expires.

of coupon payments per year.

This must have value 1,2, or 4 meaning:
1_ Annually
2_ Semi-Annually
4_ Quarterly

unt basis to use.

Day Count Basis
US (NASD) 30/360
actual/actual
actual/360
actual/365
European 30/360

YBS returns the #VALUE! Error value.

UPDAYBS returns the #NUM! error value.

#NUM! error value.

NUM! error value.

Description

Settlement date
Maturity date
Semiannual coupon
Actual basis
Description (Result)
The number of days from beginning of the coupon period
to the settlement date, for a bond with the above terms (71)
71

below contains an example of the Excel Coupdaybs function, used to

s from the beginning of a coupon's period to the settlement date.
ment date 01-Jan-2016, the maturity date 25-Oct-2017, and 4 payments
30/360 day count basis is used.
Result:
1/1/2016
10/25/2017
66

s the number of days in the coupon period that contains the settlement date.

unction, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd da

The security settlement date is the date after the issue date when the security is traded to the buyer.
maturity date is the date when the security expires.
s per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequenc

such as a bond.

s the #VALUE! error value.

eturns the #NUM! error value.

ror value.

a number that represents the next coupon date after the settlement date.

unction, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd da

The security settlement date is the date after the issue date when the security is traded to the buyer.
maturity date is the date when the security expires.
s per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequenc

such as a bond.

s the #VALUE! error value.

eturns the #NUM! error value.

ror value.

he Excel COUPPCD function returns the previous coupon date, before the settlement date for a security

ement date of the security.

y date of the security. 1 - Annually
2 - Semi-Annually
4 - Quarterly
n optional integer argument
that specifies the day count basis to be used.
DAY COUNT BASIS
US (NASD) 30/360
actual/actual
actual/360
actual/365
European 30/360

Note that the settlement and maturity dates should be input as either:
aining dates
om formulas.

Value

9/13/2015
12/31/2016
1
1

input these dates as text, there is a

ystems, or date interpretation settings on your computer.
Common
Errors
ed settlement date is maturity
date;
argument
is a number
that
is not
1, 2Excel
or 4;
or the supplied
maturity
dates
areequal
not atovalid
ument is adates;
number that is not equal to 0, 1, 2, 3 or 4.
supplied arguments are non-numeric.

chance that Excel may misinterpret

[basis]) - Returns the Macaulay duration for an assumed par value of $100.
e of the present value of the cash flows and is used as a measure of a bond price's response to change

ity's settlement date. The security settlement date is the date after the issue date when the security is
s maturity date. The maturity date is the date when the security expires.
annual coupon rate.
ual yield.
er of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2;
type of day count basis to use.
Day count basis
US (NASD) 30/360
Actual/actual
Actual/360
Actual/365
European 30/360

dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is
39448 because it is 39,448 days after January 1, 1900.

the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon e
d is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement da
be January 1, 2038, which is 30 years after the January 1, 2008, issue dat
equency, and basis are truncated to integers.

y is not a valid date, DURATION returns the #VALUE! error value.

0, DURATION returns the #NUM! error value.

ber other than 1, 2, or 4, DURATION returns the #NUM! error value.

4, DURATION returns the #NUM! error value.

, DURATION returns the #NUM! error value.

Description
Settlement date
Maturity date
Percent coupon
Percent yield
Frequency is semiannual (see above)
Actual/actual basis (see above)

basis]) - Returns the modified Macauley duration for a security with an assumed par value of $100.

d by using the DATE function, or as results of other formulas or functions.

2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
is
is
is
is
is
is

the
the
the
the
the
the

security's settlement date. The security settlement date is the date after the issue date
security's maturity date. The maturity date is the date when the security
security's annual coupon rate.
security's annual yield.
number of coupon payments per year. For annual payments, frequency =
type of day count basis to use.

Day count basis

US (NASD) 30/360
Actual/actual
Actual/360
Actual/365
European 30/360

is the date a buyer purchases a coupon, such as a bond.

e is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 200
ould be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date is January 1

y, frequency, and basis are truncated to integers.

urity is not a valid date, MDURATION returns the #VALUE! error value.
n < 0, MDURATION returns the #NUM! error value.
umber other than 1, 2, or 4, MDURATION returns the #NUM! error value.
is > 4, MDURATION returns the #NUM! error value.
urity, MDURATION returns the #NUM! error value.
efined as follows:

Description
Settlement date
Maturity date
Percent coupon
Percent yield
Frequency
Basis

Formula:

Formula:
Description
Settlement date
Maturity date
Percent coupon
Percent yield
Frequency
Basis

ed on periodic, constant payments and a constant interest rate.

nge over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes.
at a series of future payments is worth right now.
o attain after the last payment is made. If fv is omitted, it is assumed to be 0 (the future value of a loan, for example,
nts are due.

ginning of the period (see above)

nt with the above terms

nt with the above terms, except payments are made at the beginning of the period
nt with the above terms, except with a future value of 0

nvestment to reach a specified future value.

was only introduced in Excel 2013 and so is not available in earlier versions of Excel.

per period
of the investment

g calculation to calculate the number of periods required for an investment to reach a specified value:

of the supplied arguments are zero or negative.

y of the supplied arguments are not recognised as numeric values.
If arguments are not using valid data types, PDURATION returns the #VALUE! error value.

s traded to the buyer.

(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

urity is traded to the buyer.

= 2; for quarterly, frequency = 4.

(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

urity is traded to the buyer.

= 2; for quarterly, frequency = 4.

ttlement date for a security.

cel may misinterpret

price's response to changes in yield.

ue date when the security is traded to the buyer.

emiannual, frequency = 2; for quarterly, frequency = 4.

default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number
er January 1, 1900.

s the date when a coupon expires. For example, suppose a 30-year bond is issued
y 1, 2008, the settlement date would be July 1, 2008, and the maturity date would
e January 1, 2008, issue date.

sumed par value of $100.

ntered as text.

he date after the issue date when the security is traded to the buyer.
the security expires.

, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

is issued on January 1, 2008, and is purchased by a buyer six months later.

e maturity date is January 1, 2038, which is 30 years after the January 1, 2008, issue date.

her fees or taxes.

e value of a loan, for example, is 0).

s of Excel.

to reach a specified value:

e #VALUE! error value.

=PDURATION(4%,10000,15000)

=PDURATION(5.5%/12,8000,1200000)
=PDURATION(5.5%/360,8000,1200000)

(number of days)

e entered as text.

e entered as text.

008, issue date.

umber of days)