Documentation/Calc Functions/COUPNUM

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    Function name:

    COUPNUM

    Category:

    Financial Analysis

    Summary:

    Calculates the number of outstanding coupon payments to be made during the time between a bond's settlement date and its maturity date.

    Syntax:

    COUPNUM(Settlement; Maturity; Frequency[; Basis])

    Returns:

    Returns a positive integer, which is the number of coupon dates between the settlement date and the maturity date.

    Arguments:

    Settlement is a date (in quotation marks) or a date-time serial number, or a reference to a cell containing one of those types, which specifies when a trade is "settled". On this date the seller completes the transfer of the bond to the buyer, and the buyer makes the appropriate payment to the seller.

    Maturity is a date (in quotation marks) or a date-time serial number, or a reference to a cell containing one of those types, which specifies when the bond matures. On maturity, the bond issuer must repay the bond holder the full amount of the bond.

    Frequency is a positive integer, or a reference to a cell containing that integer, that is the number of coupons paid per year. Valid values are 1 (annual), 2 (semiannual), or 4 (quarterly).

    Basis is an integer in the range 0 to 4, or a reference to a cell containing that integer, which indicates how the year is to be calculated. For more background information, visit Wikipedia's Day count convention page.

    Basis Calculation
    0 or missing US method (NASD), 12 months of 30 days each
    1 Exact number of days in months, exact number of days in year.
    2 Exact number of days in month, year has 360 days.
    3 Exact number of days in month, year has 365 days.
    4 European method, 12 months of 30 days each.
    • If either Settlement or Maturity is not a valid date expression, then COUPNUM reports a #VALUE! error.
    • If the Settlement date is on or after the Maturity date then COUPNUM reports an invalid argument error (Err:502).
    • If Frequency is non-numeric, then COUPNUM reports a #VALUE! error.
    • If Basis is non-numeric, then COUPNUM reports an invalid argument error (Err:502).
    • If either Basis or Frequency is a non-integer value, then COUPNUM truncates it to an integer value.
    • If, after any truncation, Frequency is not equal to 1, 2, or 4, then COUPNUM reports an invalid argument error (Err:502).
    • If, after any truncation, Basis is not equal to 0, 1, 2, 3, or 4, then COUPNUM reports an invalid argument error (Err:502).

    Additional details:

    • COUPNUM performs the following steps:
    • Calls the COUPPCD function to determine the latest coupon date before or on the settlement date.
    • Calculates the number of months between that coupon date and the bond's maturity date.
    • Calculates the number of coupon periods between the settlement date and the maturity date as:
    [math]\displaystyle{ Coupon~Periods~Remaining~=~Months \times \frac {Frequency}{12} }[/math]


    • The examples on this page use the standard ISO 8601 format for dates because this should be independent of your selected locale settings. The default date format on your computer may be different. Avoid using locale dependent date formats which may produce errors if the document is loaded under different locale settings. It is often good practice to utilize the DATE function instead of typing formatted date values.
    • If either Settlement or Maturity includes time components, they are ignored by COUPDAYBS.
    • For more background information about coupons, visit Wikipedia’s Coupon (finance) page.

    Examples:

    Formula Description Returns
    =COUPNUM(A1; A2; A3; A4) where cell A1 contains the date 2022-09-01, cell A2 contains the date 2025-11-15, cell A3 contains the number 2, and cell A4 contains the number 3. An investor purchases a bond with a maturity date of 2025-11-15, with the trade settled on 2022-09-01. The bond pays interest every six months and the applicable day count convention is basis 3 (exact number of days in month, 365 days in year). Here the function calculates that seven coupon payments remain to be made after the settlement date and before or on the maturity date. 7
    =COUPNUM("2022-09-01"; "2025-11-15"; 2) An investor purchases a bond with a maturity date of 2025-11-15, with the trade settled on 2022-09-01. The bond pays interest every six months. Since the fourth argument is omitted, COUPNUM defaults to a day count convention of basis 0 (12 months of 30 days each). Here the function again calculates that seven coupon payments remain to be made after the settlement date and before or on the maturity date. 7
    =COUPNUM(DATE(2022; 9; 1); DATE(2025; 11; 15); 2) Here the formula performs the same function as in the previous example but utilizes the DATE function instead of typing formatted date values. 7
    =COUPNUM(44805; 45976; 2) Calc treats dates as numbers, where each date corresponds to a date-time serial number. Assuming that the Date option at Tools ▸ Options ▸ LibreOffice Calc ▸ Calculate (LibreOffice ▸ Preferences ▸ LibreOffice Calc ▸ Calculate on macOS) is set to its default value, 44805 is the date-time serial number for 2022-09-01 and 45976 is the date-time serial number for 2025-11-15. Here the formula performs the same function as in the previous example. 7

    Related LibreOffice functions:

    COUPDAYBS

    COUPDAYS

    COUPDAYSNC

    COUPNCD

    COUPPCD

    ODF standard:

    Section 6.12.9, part 2

    Related (or similar) Excel functions:

    COUPNUM