Documentation/Calc Functions/COUPPCD
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Function name:
COUPPCD
Category:
Financial Analysis
Summary:
Determines the latest coupon date that occurs before or on a bond's settlement date.
Syntax:
COUPPCD(Settlement; Maturity; Frequency[; Basis])
Returns:
Returns an integer value, which is the date-time serial number representing the latest coupon date that occurs before or on the settlement date. By default the returned value is a number; you may need to apply a date format to the cell containing the result to view it as a 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 COUPPCD reports a #VALUE! error.
- If the Settlement date is on or after the Maturity date then COUPPCD reports an invalid argument error (Err:502).
- If Frequency is non-numeric, then COUPPCD reports a #VALUE! error.
- If Basis is non-numeric, then COUPPCD reports an invalid argument error (Err:502).
- If either Basis or Frequency is a non-integer value, then COUPPCD truncates it to an integer value.
- If, after any truncation, Frequency is not equal to 1, 2, or 4, then COUPPCD reports an invalid argument error (Err:502).
- If, after any truncation, Basis is not equal to 0, 1, 2, 3, or 4, then COUPPCD reports an invalid argument error (Err:502).
Additional details:
- The date returned by COUPPCD can be equal to the settlement date.
- 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 COUPPCD.
- For more background information about coupons, visit Wikipedia’s Coupon (finance) page.
Examples:
| Formula | Description | Returns |
|---|---|---|
| =COUPPCD(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 the date of the latest coupon date before or on the settlement date, returning the value 44696. Assuming that the Date option at ▸ ▸ ▸ ( ▸ ▸ ▸ on macOS) is set to its default value, 44696 is the date-time serial number for 2022-05-15. | 44696 |
| =COUPPCD("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, COUPPCD defaults to a day count convention of basis 0 (12 months of 30 days each). Here the function calculates the date of the latest coupon date before or on the settlement date, returning the value 44696, as in the previous example. | 44696 |
| =COUPPCD(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. | 44696 |
| =COUPPCD(44805; 45976; 2) | Calc treats dates as numbers, where each date corresponds to a date-time serial number. Assuming that the Date option at ▸ ▸ ▸ ( ▸ ▸ ▸ 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. | 44696 |
Related LibreOffice functions:
ODF standard:
Related (or similar) Excel functions:
COUPPCD