The Excel COUPPCD function returns the previous coupon date, before the settlement date for a security.
The syntax of the function is:
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:
This must be one of the following values:
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.
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.
Note that, in this example:
See the Microsoft Office website for further information on the Excel Couppcd function.
If you get an error from the Excel Couppcd Function, this is likely to be one of the following: