 | COUPPCD function |
Returns a number that represents the previous coupon date before the settlement date.
Syntax
COUPPCD(settlement,maturity,frequency,basis)
Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use =DATE(2008,5,23) for the 23rd day of May, 2008. Problems might occur if dates are entered as text.
Argument | Description | Remarks |
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settlement | The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer. |
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maturity | The security's maturity date. The maturity date is the date when the security expires. |
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frequency | The number of coupon payments per year. |
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basis | The kind of day count basis to use. |
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General remarks
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Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
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The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose that a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, 30 years after the January 1, 2008, issue date.
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To view a number as a date or time, select the cell, and then on the View menu, click Formatting Palette. Under Number, on the Format pop-up menu, click Date or Time.
Example
To make the following example easier to understand, you can copy the data to a blank sheet and then enter the function underneath the data. Do not select the row or column headings (1, 2, 3... A, B, C...) when you copy the sample data to a blank sheet.
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