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:
[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|
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.
|#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.|