# The Excel COUPPCD Function

Related Function:
COUPNCD

## Basic Description

The Excel COUPPCD function returns the previous coupon date, before the settlement date for a security.

The syntax of the function is :

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

Where the arguments are as follows:

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

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

 1 - Annually 2 - Semi-Annually 4 - Quarterly
[basis]-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
1actual/actual
2actual/360
3actual/365
4European 30/360
The financial day count basis rules are explained on the Wikipedia Day Count Convention page

Note that, when supplying dates to Excel functions, these should be input as either:

• References to cells containing dates
or
• Dates returned from formulas

Warning:

• If you attempt to input dates as text, these may be interpreted differently, depending on the date system and date interpretation settings on your computer.
• Whilst you can input dates as serial numbers, this is not advised, as the serial numbers used to represent dates, vary across different computer systems.

## Excel Couppcd Function Example

In the spreadsheet below the Excel Couppcd function is used to calculate the coupon date before the settlement date, for a security with settlement date 01-Jan-2011, maturity date 25-Oct-2012, and four coupon payments per year. The security uses the US (NASD) 30/360 day count basis.

The spreadsheet on the left shows the syntax of the function and the spreadsheet on the right shows the result.

Formulas:
A
101-Jan-2011
225-Oct-2012
3=COUPPCD( A1, A2, 4 )
Results:
A
101-Jan-2011
225-Oct-2012
325-Oct-2010

Note that, in this example :

• As recommended by Microsoft, the settlement and maturity arguments have been input as references to cells containing dates.
• As the [basis] argument has been omitted, the function uses the default value 0 (denoting the US (NADS) 30/360 day count basis).

Further information on the Excel Couppcd function can be found on the Microsoft Office website.

## Couppcd Function Errors

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

Common Errors
 #VALUE! - Occurs if any of the supplied arguments are non-numeric #NUM! - Occurs if either:the supplied settlement date is ≥ maturity datethe supplied frequency argument is any number other than 1, 2 or 4the supplied [basis] argument is any number other than 0, 1, 2, 3 or 4 #NAME? - 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 Couppcd function.