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 |
The number that specifies the number of coupon payments per year: •1 – Annual payments •2 – Semi-annual payments •4 – Quarterly payments |
1 (annual), 2 (semi-annual), 4 (quarterly) |
[calculation_method] |
(optional) The number that specifies the method used to count the number of days: •0 – US (NASD) 30/360 •1 – Actual/actual •2 – Actual/360 •3 – Actual/365 •4 – EU 30/360 By default, 0 |
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.