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2.1.938 Part 4 Section 3.17.7.61, COUPNUM

a. The standard does not specify day and month adjustments for the basis argument.

In Excel, the basis argument specifies the truncated integer type of day count basis to use, as follows:

Value

Day Count Basis

0 or omitted

US (NASD) 30/360.Assumes that each month has 30 days and the total number of days in the year is 360 by making the following adjustments:

If the date is 28 or 29 February, it is adjusted to 30 February.

For months with 31 days, all dates with a day value of 31 are changed to day 30, including situations where the first date is 28 or 29 February.

1

Actual/actual. The actual number of days between the two dates are counted. If the date range includes the date 29 February, the year is 366 days; otherwise it is 365 days.

2

Actual/360. Similar to Basis 1, but only has 360 days per year.

3

Actual/365. Similar to Basis 1, but always has 365 days per year.

4

European 30/360.The European method for adjusting day counts. Assumes that each month has 30 days and the total number of days in the year is 360 by making the following adjustments:

If the date is 28 or 29 February, it is adjusted to 30 February.

For months with 31 days, all dates with a day value of 31 are changed to day 30, including situations where the first date is 28 or 29 February.

b. The standard does not specify that arguments settlement and maturity are truncated to integers.

In Office, arguments settlement and maturity are truncated to integers.

c. The standard states that the return values is the number of coupons payable between the settlement date and maturity date, rounded up to the nearest whole coupon.

In Office, if the number of months between the settlement and maturity is not a multiple of the number of months between coupon payments and settlement date is less than one payment period away from serial day 1, #NUM! is returned.

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