Excel COUPNCD Function

The Excel COUPNCD function is a build-in Financial Function. It returns the next coupon date after the settlement date.

Syntax

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

Arguments

Return value

The COUPNCD function will return a number, which is the next coupon date after the settlement date.

Function notes

1. The dates in the settlement and maturity arguments cannot be entered as text. To ensure that, the two arguments must be entered as one of the following formats:
   • cell references containing dates in Date format
   • dates returned from formulas and functions like the DATE function
2. The dates in Date format are stored as serial numbers in the cells, which can be used in the calculations.
3. The COUPNCD function returns a valid next coupon date in number format. Apply a Date format to display the result properly.
4. All arguments are truncated to integers.
5. #NUM! error will be returned when any of the following occurs:
   • The settlement date is equal to or greater than (≥) the maturity date.
   • The number supplied in the frequency argument is not equal to 1, 2, or 4.
   • The number supplied in the optional basis argument is not equal to 0, 1, 2, 3, or 4.
6. #VALUE! error will be returned when any of the following occurs:
   • The dates of settlement or maturity arguments are not valid.
   • Any of the arguments entered in the formula is non-numeric.

Examples

As the below screenshot shows, how to get the next coupon date from the settlement date? You can do as follows to achieve it.

1. Copy the formula below into cell F4 and press the Enter key to get the result.

=COUPNCD (C5, C6, C7, C8)

2. The returned value is in number format. Apply a Date format in the Number category of the Format Cells option to display the result properly. Please do as follows:

• Select the result cell F4, and press CTRL+1. Then a Format Cells dialog box pops up.
• In the Format Cells dialog box, click the Number tab. In the Category list, click Date. And choose a date type you like in the Type list.

  

• Click the OK button to get the result of the next coupon date.

  

Notes:

1. In the above formula, the settlement and maturity arguments are supplied as the cell references containing dates, which are C5 and C6.
2. The frequency and basis arguments are supplied as 4 and 1 respectively in the above formula. It means that the coupon payments are paid four times a year and the day count basis is the Actual/actual basis
3. If we want to input the values of the four arguments directly in the formula, we could use the help of the DATE function to generate valid dates. The formula becomes:

   =COUPNCD (DATE(2022,2,8), DATE(2028,1,1), 4, 1)

Relative Functions:

• Excel COUPDAYSNC Function
  The COUPDAYSNC function returns the calculated number of days from the settlement date to the next coupon date.

• Excel COUPDAYBS Function
  The COUPDAYBS function returns the number of days between the beginning of the coupon period and its settlement date.

• Excel COUPDAYS Function
  The COUPDAYS function returns the number of days in the coupon period including the settlement date.