Easy Explanation Notes with Examples

COUPNCD function in Excel


The COUPNCD function is a financial function, which is used to find out the first coupon payment date after the settlement date of a security/bond.


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

settlement – Required. The settlement date of the security.  The date on which the security is traded to the buyer.

maturity – Required. The expiry date of the security.

frequency – Required. The frequency of coupon payments within a year. Use the table below for using frequency:

For  Frequency
Annual Payments 1
Semiannual 2
Quarterly 4

[basis] – Optional. The year basis to be used in the calculation. If omitted, Excel uses ‘0’ by default.

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 Excel stores date in number format so that is why the result of the example above is as under:

To change the number format to a date format, press Ctrl + Shift + 3.

Function Errors

Errors Occurs if
#NUM! The settlement date is greater than or equal to the maturity date.
The supplied frequency argument is not equal to 1, 2, or 4.
The supplied [basis] argument is not equal to predefined criteria.
#VALUE! If supplied dates are not valid.
Any of the supplied arguments are non-numeric.

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