How to use Excel COUPPCD Function


COUPPCD function in excel is a financial function. It is used to retrieve the previous coupon date before the settlement date of a security. It is a worksheet function and can be entered into the cell in which value is required.


=COUPPCD(Settlement, Maturity, Frequency, basis)


Settlement:  It is the settlement date of the security.

Maturity:  It is the maturity date of the security.

Frequency: Number of coupon payments per year.

Basis: It is the day count basis to be used. Default value is 0.


  • Microsoft Excel stores dates as serial numbers . By default, January 1, 1900 is serial number 1 and corresponding dates have serial number greater than 1.
  • Settlement and basis are converted to integers.
  • If Maturity is not in valid format, #VALUE error is returned.
  • If Basis is less than, #NUM error is displayed.


In this example, various arguments are entered in column A and their values are entered in column B and COUPPCD function is used to retrieve the result in column D.

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