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|
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
|#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|