COUPPCD Function in Excel: Previous Coupon Date

COUPPCD Function in Excel: Previous Coupon Date 1
⏱ 1 min readUpdated 5 October 2026

FinanceLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. COUPPCD in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions

COUPPCD returns the last coupon date before settlement. Used for bond pricing and accrued interest on half-yearly coupons.

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Syntax

=COUPPCD(settlement, maturity, frequency, [basis])
Argument What it means
settlement Purchase date
maturity Maturity date
frequency 1, 2 or 4 coupons a year
basis Day count

Examples

Example 1

=TEXT(COUPPCD(A2,B2,2,1),"dd-mmm-yyyy")

Result: 30-Sep-2026. See the worked example table below for more cases.

COUPPCD in practice

Where you will use it

  • Accrued interest when buying a bond between coupons
  • Cash-flow schedules
  • Treasury desk reports

Worked example

SettlementMaturityFormulaResult
05-10-202631-03-2031=TEXT(COUPPCD(A2,B2,2,1),"dd-mmm-yyyy")30-Sep-2026
10-01-202631-12-2030=TEXT(COUPPCD(A3,B3,2,1),"dd-mmm-yyyy")31-Dec-2025
15-06-202615-06-2028=TEXT(COUPPCD(A4,B4,2,1),"dd-mmm-yyyy")15-Jun-2026

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Settlement after maturity#NUM!
Wrong frequencyUse the bond's real coupon frequency

COUPNCD · COUPNUM · ACCRINT

📚 Part of the free Excel course: Beginner → Expert · Try it in the Formula Lab or ask the AI Helper.

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