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EXCEL COUPNCD FUNCTION
Excel COUPNCD Function Introduction
The Excel Coupncd function computes the next coupon date after the settlement date for a securities with supplied criteria.
Description of Excel COUPNCD Function
Syntax:
=COUPNCD( settlement, maturity, frequency, [basis] )
Parameter:
- The following are the arguments:
settlement:
- The security’s settlement date.
maturity:
- The security’s maturity date.
frequency:
- An integer indicating the number of coupon payments made every year. This must have a value of 1, 2, or 4, implying:
| 1 | – | Annually |
| 2 | – | Semi-Annually |
| 4 | – | Quarterly |
[basis]:
- An optional integer input indicating the day count basis to be utilised.
This must be one of the values listed below:
| Basis | Day Count Basis |
|---|---|
| 0 (or omitted) | US (NASD) 30/360 |
| 1 | actual/actual |
| 2 | actual/360 |
| 3 | actual/365 |
| 4 | European 30/360 |
Step By Step Guide of COUPNCD Function
Example :
The Excel Coupncd function is shown in Cell A3 of the following spreadsheet to compute the coupon date after the settlement date for a security having a settlement date of 01-Jan-2011, a maturity date of 25-Oct-2012, and four payments each year. The 30/360 day count system is used in the United States (NASD).
Key Points
- #NUM! – Occurs if any of the following conditions are met: the supplied settlement date is maturity date; the supplied frequency argument is a number that is not equal to 1, 2, or 4; and the supplied [basis] argument is a number that is not equal to 0, 1, 2, 3, or 4.
- #VALUE! – Occurs when either the specified settlement or maturity dates are not valid Excel dates;
Any of the given arguments is not a number.
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