COUPPCD Function in Excel

In this post, you will be guided through simple and easy-to-follow steps on how to use the COUPPCD  function in Excel 

Microsoft Office Excel provides the COUPPCD  function, which returns the previous coupon date, before the settlement date of that security or coupon bond . This is a built-in Excel function under the Finance category.

COUPPCD  Function in Excel

The COUPPCD function helps to calculate the previous coupon date before the settlement date or calendar date of the most recent coupon payment. This function returns the result in date format.

COUPPCD  Syntax

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

The COUPPCD  function and arguments

  • settlement (Required) – Settlement date of the security.
  • maturity (Required) – Maturity date of the security.
  • Frequency (Required) – Coupon payments per year (annual = 1, semi-annual = 2, quarterly = 4).
  • Basis (Optional) – Day count basis (default =0).

How to use COUPPCD  function in Excel?

  • As said in the description, you need the values of all the above arguments to carry out the COUPPCD  function and get the correct and desired date of the coupon.
  • Enter the arguments in the same order of the syntax, one below the other, as shown in the picture below.
How to use COUPPCD  function in Excel?
  • At this time, in a similar way enter the values of each of the arguments in their corresponding adjacent cells in the worksheet.
How to use COUPPCD  function in Excel?
  • Below the tabulated list of arguments, select a cell and enter “Date of the coupon”, the cell to the right will display the value of the formula (making identification easier).
How to use COUPPCD  function in Excel?
  • When entering the formula, always start with the “=” operator. After entering the “=” operator enter COUPPCD  to initiate the formula followed by an open parenthesis. Excel recognizes “=’ as the start of a formula, if not included, excel will not accept and evade the execution of the function.
COUPPCD Function in Excel
  • With the parenthesis open, select the first argument value. The position of the cell will be visible in the formula. According to the order of the syntax, the value of the argument must be selected followed by a comma. The change in color of the cells aids to identify the name of the cells in the formula.
COUPPCD Function in Excel
  • To conclude, close the parentheses and click enter. The cell which contains the formula will display the date of the coupon. The answer will be displayed in the number format, where we should convert it into the date format. 
COUPPCD Function in Excel
  • Another method to carry out this function is by entering the date manually in the formula, followed by selecting the values for the last two arguments, where the position of the cell will be visible in the formula. It will appear in this format COUPPCD(DATE(year,month,day),DATE(year,month,day),B3,B4)  
COUPPCD Function in Excel
  • Conclude the formula by giving the closing parenthesis, click enter. The cell which contains the formula will display the number of coupons. Similarly, The answer will be displayed in the number format, where we should convert it into the date format.
COUPPCD Function in Excel

How to convert number format to date format?

  • To convert the number format of the answer to the date format, at first select that particular cell that contains the answer.
COUPPCD Function in Excel
COUPPCD Function in Excel
  • At the top of the page, click on the home tab, below that you will find a drop-down box with the format as general.
COUPPCD Function in Excel
  • Click the arrow, to open the drop-down list, different formats will be displayed, among them click the ‘short date’ format.
COUPPCD Function in Excel
  • The selected cell which holds the answer will change accordingly (from number format to date format)
COUPPCD Function in Excel
COUPPCD Function in Excel