September 23, 2023

# How to use COUPNCD Function in Excel

The Excel COUPNCD function returns the next coupon date after the settlement date

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

The COUPNCD function syntax has the following arguments:

• Settlement    Required. The security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.
• Maturity    Required. The security’s maturity date. The maturity date is the date when the security expires.
• Frequency    Required. The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.
• Basis    Optional. The type of day count basis to use.
Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

Example: Let’s look at some Excel COUPNCD function examples and explore how to use the COUPNCD function as a worksheet function in Microsoft Excel: Syntax:  =COUPNCD(B1,B2,B3,B4)

Result: Based on the Excel spreadsheet above, the following COUPNCD examples would return:

Syntax: =COUPNCD(DATE(2019,3,25),DATE(2019,12,15),2,1)
Result: 15/06/2019

Syntax: =COUPNCD(DATE(2019,3,25),DATE(2019,12,15),B3,B4)
Result: 15/06/2019

Note:

• In Excel,  dates are serial numbers.
• All arguments are truncated to integers, so for example, time is ignored.
• If settlement or maturity dates are not valid, COUPNCD returns #VALUE!
• If basis is out-of-range , COUPNCD returns #NUM!
• If maturity date is not later than settlement date, COUPNCD returns #NUM!
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