# The Excel COUPPCD Function

Related Function:
COUPNCD

## Function 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 maturity date 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 the settlement and maturity dates should be input as either:

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

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.

## Excel Couppcd Function Example

In cell A3 of the following spreadsheet, 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.

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, 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).

For further information on the Excel Couppcd function, see the Microsoft Office website.

## Couppcd Function Errors

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

Common Errors
 #NUM! - Occurs if either:The supplied settlement date is ≥ maturity date;The supplied frequency argument is a number that is not equal to 1, 2 or 4;The supplied [basis] argument is a number that is not equal to 0, 1, 2, 3 or 4. #VALUE! - Occurs if either:The supplied settlement or the supplied maturity dates are not a valid Excel dates;Any of the supplied arguments are non-numeric.