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 date of maturity of the security|
An integer, representing the number of coupon payments per year. This must have the value 1, 2, or 4, meaning:
|[basis]||-||An optional integer argument that specifies the day count basis to be used.|
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, when supplying dates to Excel functions, these should be input as either:
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.
Note that, in this example :
Further information on the Excel Couppcd function can be found on the Microsoft Office website.
If you get an error from the Excel Couppcd Function, this is most likely to be one of the following:
|#VALUE!||-||Occurs if any of the supplied arguments are non-numeric|
Occurs when Analysis ToolPak add-in is not enabled in your Excel.