Difference between revisions of "Documentation/How Tos/Calc: COUPDAYS function"
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: returns <tt>'''180'''</tt>. 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 (<tt>'''frequency'''</tt> is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months). | : returns <tt>'''180'''</tt>. 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 (<tt>'''frequency'''</tt> is 2); thus interest is due on the 15 May and the 15 November each year, during the bond's term. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months). | ||
− | + | {{Documentation/SeeAlso| | |
− | [[Documentation/How_Tos/Calc: COUPDAYBS function| | + | * [[Documentation/How_Tos/Calc: COUPDAYBS function|COUPDAYBS]], |
− | [[Documentation/How_Tos/Calc: COUPDAYSNC function| | + | * [[Documentation/How_Tos/Calc: COUPDAYSNC function|COUPDAYSNC]], |
− | [[Documentation/How_Tos/Calc: COUPNCD function| | + | * [[Documentation/How_Tos/Calc: COUPNCD function|COUPNCD]], |
− | [[Documentation/How_Tos/Calc: COUPNUM function| | + | * [[Documentation/How_Tos/Calc: COUPNUM function|COUPNUM]], |
− | [[Documentation/How_Tos/Calc: COUPPCD function| | + | * [[Documentation/How_Tos/Calc: COUPPCD function|COUPPCD]] |
− | [[Documentation/How_Tos/Calc: Date & Time functions#Financial date systems| | + | * [[Documentation/How_Tos/Calc: Date & Time functions#Financial date systems|Financial date systems]] |
− | [[Documentation/How_Tos/Calc: Financial functions| | + | * [[Documentation/How_Tos/Calc: Financial functions|Financial functions]] |
− | [[Documentation/How_Tos/Calc: Functions listed alphabetically| | + | * [[Documentation/How_Tos/Calc: Functions listed alphabetically|Functions listed alphabetically]] |
− | [[Documentation/How_Tos/Calc: Functions listed by category| | + | * [[Documentation/How_Tos/Calc: Functions listed by category|Functions listed by category]]}} |
=== Issues: === | === Issues: === | ||
* For any <tt>'''basis'''</tt> except 1, the length of the interest period is calculated from the length of a year. Thus <tt>'''COUPDAYS'''</tt> returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless <tt>'''basis'''</tt> = 1, when the exact number of days are returned. | * For any <tt>'''basis'''</tt> except 1, the length of the interest period is calculated from the length of a year. Thus <tt>'''COUPDAYS'''</tt> returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless <tt>'''basis'''</tt> = 1, when the exact number of days are returned. | ||
* Both Calc and Excel can return a non-integer number of days (including a fraction) - for example <tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3)'''</tt> returns <tt>'''182.5'''</tt> (= 365/2). | * Both Calc and Excel can return a non-integer number of days (including a fraction) - for example <tt>'''COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3)'''</tt> returns <tt>'''182.5'''</tt> (= 365/2). |
Revision as of 13:38, 25 February 2009
COUPDAYS
Returns the number of days in the coupon period that contains the settlement date.
This function is only available if the Analysis AddIn is installed.
Syntax:
COUPDAYS(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:
COUPDAYS("2007-01-25"; "2009-11-15"; 2; 4)
- returns 180. 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. Using basis 4, there are 180 days (= 6 * 30) in the interest period in which the settlement date falls (16 November 2006 to 15 May 2007 inclusive = 6 months).
Template:Documentation/SeeAlso
Issues:
- For any basis except 1, the length of the interest period is calculated from the length of a year. Thus COUPDAYS returns the same number of days (derived from the number of interest periods in a year), regardless of settlement date, unless basis = 1, when the exact number of days are returned.
- Both Calc and Excel can return a non-integer number of days (including a fraction) - for example COUPDAYS("2007-01-25"; "2009-11-15"; 2; 3) returns 182.5 (= 365/2).