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:
Basis Day Count Basis
0 (or omitted) US (NASD) 30/360
1 actual/actual
2 actual/360
3 actual/365
4 European 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:

or

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
1 01-Jan-2011
2 25-Oct-2012
3 =COUPPCD( A1, A2, 4 )
 Results:
  A
1 01-Jan-2011
2 25-Oct-2012
3 25-Oct-2010

Note that, in this example :


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 date
or
- the supplied frequency argument is any number other than 1, 2 or 4
or
- the 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.

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