## Excel COUPNUM Function

The COUPNUM function calculates the number of coupons payable between the settlement date and maturity date, and rounds the result up to the nearest whole coupon.

#### Syntax

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

#### Arguments

• settlement (required): The settlement date of the security.
• maturity (required): The maturity date of the security.
• frequency (required): The frequency of the interest payments:
• frequency = 1, if paid annually;
• frequency = 2, if paid semi-annually;
• frequency = 3, if paid quarterly.
• basis (optional): The type of day count basis to use when calculating interest for the security (default = 0):
• basis = 0 or omitted, if day count = US (NASD) 30/360;
• basis = 1, if day count = Actual/actual;
• basis = 2, if day count = Actual/360;
• basis = 3, if day count = Actual/365;
• basis = 4, if day count = European 30/360.

#### Return Value

The COUPNUM function returns a positive integer.

#### Function Notes

• COUPNUM will return the #VALUE! error if:
• settlement or maturity is not a valid date;
• frequency or basis is not a numeric value.
• COUPNUM will return the #NUM! error if:
• frequency is not the number 1, 2, or 4;
• basis < 0 or basis > 4;
• settlement ≥ maturity.
• All arguments are truncated to integers.

#### Example

To get the number of coupon payments from the settlement date to maturity date as shown below, please copy or enter the formula below in a blank cell, and press Enter to get the result:

=COUPNUM(DATE(2021,5,1),DATE(2024,12,15),2,0)

Or, use cell references to make the formula dynamic:

=COUPNUM(C3,C4,C5,C6)

#### Related functions

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.

Excel COUPDAYSNC Function

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

Excel COUPNCD Function

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

Excel COUPPCD Function

The COUPPCD function returns the previous coupon date before the settlement date.

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