The COUPPCD function calculates the previous coupon date before a settlement date.
For example, you can use the COUPPCD function to identify the most recent coupon date for a bond before it was traded to a buyer.
COUPPCD(Settlement, Maturity, Frequency)
|Settlement (required)||Date||The bond settlement date, when the bond is traded to the buyer.|
|Maturity (required)||Date||The bond maturity date, when the bond expires.|
The number of coupon payments per year.
If you use any value other than 1, 2, or 4, the function returns a blank result.
The COUPPCD returns a date.
- The settlement and maturity dates must be between 01/01/1900 and 12/31/2399.
- The maturity date must be later than the settlement date.
For example, the formula below calculates the previous coupon date before the settlement date for a bond. In this example, as the coupon is paid annually, the previous coupon date was 01/31/2014.
In this example, the previous coupon date is calculated for a bond with a frequency of 1 (annual).
The example uses a settlement date of 01/15/2015 and a maturity date of 01/31/2018.