The Excel COUPNCD Function

Related Function:

Basic Description

For a security with given conditions, the Excel Coupncd function calculates the next coupon date, after the settlement date.

The syntax of the function is:

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

Where the arguments are as follows:

settlement-The settlement date of the security.
maturity-The maturity date of the security.

An integer, representing the number of coupon payments per year. This must have the value 1, 2, or 4, meaning:


An optional integer argument that specifies the day count basis to be used.

This must be one of the following values:

BasisDay Count Basis
0 (or omitted)US (NASD) 30/360
4European 30/360
The financial day count basis rules are explained on the Wikipedia Day Count Convention page

Note that the settlement and maturity dates should be input as either:


Warning: If you attempt to input these dates as text, there is a chance that Excel may misinterpret them due to different date systems, or date interpretation settings on your computer.

Excel Coupncd Function Example

Cell A3 of the following spreadsheet shows the Excel Coupncd function, used to calculate the coupon date after the settlement date, for a security with settlement date 01-Jan-2011, maturity date 25-Oct-2012, and four payments per year. The US (NASD) 30/360 day count basis is used.

3=COUPNCD( A1, A2, 4 )

Note that, in the above example:

For further information on the Excel Coupncd function, see the Microsoft Office website.

Coupncd Function Errors

If you get an error from the Excel Coupncd Function, this is likely to be one of the following:

Common Errors

Occurs if either:

  • The supplied settlement date is ≥ maturity date;
  • The supplied frequency argument is a number that is not equal to 1, 2 or 4;
  • The supplied [basis] argument is a number that is not equal to 0, 1, 2, 3 or 4.

Occurs if either:

  • The supplied settlement or the supplied maturity dates are not a valid Excel dates;
  • Any of the supplied arguments are non-numeric.