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Excel - COUPNCD Function
Description
The COUPNCD function returns a number that represents the next coupon date after the settlement date.
Syntax
COUPNCD (settlement, maturity, frequency, [basis])
Arguments
| Argument | Description | Required/ Optional |
|---|---|---|
| Settlement | The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer. |
Required |
| Maturity | The security's maturity date. The maturity date is the date when the security expires. |
Required |
| Frequency | The number of coupon payments per year.
|
Required |
| Basis | The type of day count basis to use. Look at the Day Count Basis Table given below. |
Optional |
Day Count Basis Table
| Basis | Day Count Basis |
|---|---|
| 0 or omitted | US (NASD) 30/360 |
| 1 | Actual/actual |
| 2 | Actual/360 |
| 3 | Actual/365 |
| 4 | European 30/360 |
Notes
Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE (2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.
Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
The settlement date is the date a buyer purchases a coupon, such as a bond.
The maturity date is the date when a coupon expires.
For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later, then −
the issue date would be January 1, 2008.
the settlement date would be July 1, 2008.
the maturity date would be January 1, 2038, 30 years after the January 1, 2008, issue date.
All arguments are truncated to integers.
If settlement or maturity is not a valid Excel date, COUPNCD returns the #VALUE! error value.
If any of the specified arguments is non-numeric, COUPNCD returns the #VALUE! error value.
If frequency is any number other than 1, 2, or 4, COUPNCD returns the #NUM! error value.
If basis < 0 or if basis > 4, COUPNCD returns the #NUM! error value.
If settlement ≥ maturity, COUPNCD returns the #NUM! error value.
Applicability
Excel 2007, Excel 2010, Excel 2013, Excel 2016
Example
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