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COUPPCD function in Excel


The COUPPCD function is categorized as a financial function, it provides the most recent coupon payment date before the settlement date of the security.


COUPPCD(settlement, maturity, frequency, [basis])

The function has the following arguments:

settlement – Required. The date on which the security was purchased by a buyer.

maturity – Required. The expiry date of the security.

frequency – Required. The frequency of coupon payment in a year. Use ‘1’ for an annual payment, ‘2’ for semiannual, and ‘4’ for quarterly payments.

[basis] – Optional. It specifies the day count basis to be used in the calculation.

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360



Note that Microsoft Excel stores dates as sequential serial numbers, that is the reason for our above result in the serial number. To change the format, press Ctrl +  Shift + 3.  Excel will change the number format to the date format.

For more detail, you may visit the Microsoft Office website.

COUPPCD Function Error

Error Occurs
 #VALUE! If supplied settlement or maturity is not a valid date.
#NUM! If supplied frequency argument is other than 1, 2, or 4.
If basis < 0 or if basis > 4
If settlement date ≥ maturity date

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