The Excel COUPNUM Function

Related Function:

Basic Description

The Excel COUPNUM function calculates the number of coupons payable, between a security's settlement date and maturity date, rounded up to the nearest whole coupon.

The syntax of the function is :

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

Where the arguments are as follows:

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

The number of coupon payments per year. This must be one of the following values:

[basis]-An optional argument which specifies the day count basis to be used in the calculation.
This can be any 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 in detail on the Wikipedia Day Count Convention page

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



Excel Coupnum Function Example

Cell A3 of the spreadsheet below shows the Excel Coupnum function, used to calculate the number of coupon payments for a security that uses the US (NASD) 30/360 day count basis, has the settlement date 01-Jan-2011, the maturity date 25-Oct-2012, and 4 coupon payments per year.

3=COUPNUM( A1, A2, 4 )

In the above example :

More details and examples of the Excel Coupnum function are provided on the Microsoft Office website.

Coupnum Function Errors

If an error is returned from the Excel Coupnum Function, this is most likely to be one of the following:

Common Errors

Occurs if either:

  • the settlement date or the maturity date is not a valid Excel date
  • the frequency or the [basis] argument is non-numeric

Occurs if either:

  • the supplied settlement date is ≥ maturity date
  • the supplied frequency argument is any number other than 1, 2 or 4
  • the supplied [basis] argument is any number other than 0, 1, 2, 3 or 4

Occurs when Analysis ToolPak add-in is not enabled in your Excel.
You will need to enable the add-in if you want to use the Excel Coupnum function.

  +   Show How to Do This in Excel 2003:

  +   Show How to Do This in Excel 2007:

  +   Show How to Do This in Excel 2010 or Excel 2013: