COUPPCD
The COUPPCD function returns the last coupon payment date.
This feature can be useful for analyzing fixed-income securities, calculating coupon payment dates, and planning cash flows for bonds.
Syntax
COUPPCD(settlement, maturity, frequency, [calculation_method])
| Argument | Description | Permitted values |
|---|---|---|
| settlement | The date when the security is traded to the buyer | A number or date (can be a reference to a cell containing a date, a function that returns a date or number value) |
| maturity | The date when the security expires | A number or date (can be a reference to a cell containing a date, a function that returns a date or number value) |
| Frequency |
| 1 (annual), 2 (semi-annual), 4 (quarterly) |
| [calculation_method] |
| 0, 1, 2, 3, 4 |
Examples of use
A simple example
=COUPPCD("2023-10-15", "2025-10-15", 2)
This formula calculates the date of the next coupon payment if the calculation is made on October 15, 2023, and the maturity date is October 15, 2025, with semi-annual payments.
Use with cell references
=COUPPCD(A1, B1, C1)
If cells A1, B1, and C1 contain settlement, maturity, and coupon payment frequency dates, the function will return the date of the next coupon payment.
Example using the day counting method
=COUPPCD("2023-10-15", "2025-10-15", 1, 1)
This formula calculates the date of the next coupon payment using an annual frequency and the actual method of counting days.
Notes
- Ensure that the dates are in the correct format, otherwise the function will return the #VALUE! error.
- The settlement date must be earlier than the maturity date.