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Excel COUPPCD Function

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

couppcd function 1


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


  • 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 COUPPCD function returns a number that represents the previous coupon date.

Function Notes

  • COUPPCD will return the #VALUE! error if:
    • settlement or maturity is not a valid date;
    • frequency or basis is not a numeric value.
  • COUPPCD 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.


To get the previous coupon date before the settlement date for a bond with the terms below, please copy or enter the formula below in a blank cell, and press Enter to get the result:


Or, use cell references to make the formula dynamic:


couppcd function 2

As you can see, the function returns a numeric value, which can be converted into a date format. Since in Excel, dates are stored as sequential numbers. By default, 1/1/1900 is serial number 1, because it is 1 day after 1/0/1900. To make the results show properly in date format, you should apply the Format Cells feature:

Select the cells where you want to apply the date format, then press Ctrl + 1. Under the tab Number in the pop-up Format Cells dialog as shown below, choose Date, and pick the type you need in the right Type section:

couppcd function 3

After you click OK, you will see the number is converted to a date.

couppcd function 4

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 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.

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