COUPPCD function

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This article describes the formula syntax and usage of the COUPPCD function (function: A prewritten formula that takes a value or values, performs an operation, and returns a value or values. Use functions to simplify and shorten formulas on a worksheet, especially those that perform lengthy or complex calculations.) in Microsoft Excel.

Description

Returns a number that represents the previous coupon date before the settlement date.

Syntax

COUPPCD(settlement, maturity, frequency, [basis])

 Important   Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The COUPPCD function syntax has the following arguments (argument: A value that provides information to an action, an event, a method, a property, a function, or a procedure.):

• Settlement    Required. The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
• Maturity    Required. The security's maturity date. The maturity date is the date when the security expires.
• Frequency    Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
• Basis    Optional. The type of day count basis to use.

Remarks

• Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
• 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. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
• All arguments are truncated to integers.
• If settlement or maturity is not a valid date, COUPPCD returns the #VALUE! error value.
• If frequency is any number other than 1, 2, or 4, COUPPCD returns the #NUM! error value.
• If basis < 0 or if basis > 4, COUPPCD returns the #NUM! error value.
• If settlement ≥ maturity, COUPPCD returns the #NUM! error value.

Example

The example may be easier to understand if you copy it to a blank worksheet.

How do I copy an example?

 Note   To view the number as a date, select the cell, and then on the Home tab, in the Number group, click the arrow next to Number Format, and click Short Date or Long Date.