# COUPNUM function

COUPNUM is an Excel function that calculates the number of coupon payments between the settlement date and the maturity date of a security.

## Syntax

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

## How to use

You can use the COUPNUM function to determine the number of coupon payments for a bond or other fixed-income security. Here’s how to use it with some examples.

Example 1: Calculate the number of coupon payments for a semi-annual bond.

In this case, the function will return 2, as there are two semi-annual coupon payments between January 1, 2023, and December 31, 2023.

Example 2: Calculate the number of quarterly coupon payments for a bond with a custom day count basis.

Here, the function returns 2.25 because there are 2 full coupon payments plus a partial coupon payment (0.25) between March 1, 2023, and September 30, 2023, using the 30/360 day count basis.

Example 3: Determine the number of annual coupon payments for a bond without specifying the day count basis.

The function will return 5 because there are five annual coupon payments between June 15, 2023, and June 15, 2028.

Tomasz Decker is an Excel specialist, skilled in data analysis and financial modeling.