COUPNUM function: Description, Usage, Syntax, Examples and Explanation

What is COUPNUM function in Excel?

COUPNUM function is one of the Financial functions in Microsoft Excel that returns the number of coupons payable between the settlement date and maturity date, rounded up to the nearest whole coupon.

Syntax of COUPNUM function

COUPNUM(settlement, maturity, frequency, [basis])

The COUPNUM function syntax has the following arguments:

  • Settlement: 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: The security’s maturity date. The maturity date is the date when the security expires.
  • Frequency: 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.

Note: Problems can occur if dates are entered as text. Therefore, all dates should be entered by using the DATE function, or formatted as date under format cell to avoid errors.

Basis Day count basis
0 or omitted US (NASD) 30/360
1 Actual/actual
2 Actual/360
3 Actual/365
4 European 30/360

COUPNUM formula explanation

  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • The settlement date is the date a buyer purchases a coupon, such as a bond. The maturity date is the date when a coupon expires. For example, suppose a 30-year bond is issued on January 1, 2008, and is purchased by a buyer six months later. The issue date would be January 1, 2008, the settlement date would be July 1, 2008, and the maturity date would be January 1, 2038, which is 30 years after the January 1, 2008, issue date.
  • All arguments are truncated to integers.
  • If settlement or maturity is not a valid date, COUPNUM returns the #VALUE! error value.
  • If frequency is any number other than 1, 2, or 4, COUPNUM returns the #NUM! error value.
  • If basis < 0 or if basis > 4, COUPNUM returns the #NUM! error value.
  • If settlement ≥ maturity, COUPNUM returns the #NUM! error value.

Example of COUPNUM function

Steps to follow:

1. Open a new Excel worksheet.

2. Copy data in the following table below and paste it in cell A1

Note: For formulas to show results, select them, press F2 key on your keyboard and then press Enter.

You can adjust the column widths to see all the data, if need be.

Data Description
25-Jan-07 Settlement date
15-Nov-08 Maturity date
2 Semiannual coupon (see above)
1 Actual/actual basis (see above)
Formula Description Result
=COUPNUM(A2,A3,A4,A5) The number of coupon payments for a bond with the above terms 4

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