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])
Arguments
| settlement: | The settlement date of the security. |
| maturity: | The maturity date of the security. |
| frequency: | The number of coupon payments per year. For example, for semi-annual payments, use 2. |
| [basis]: | (Optional) An optional argument that specifies the day count basis to be used for calculating the number of days between dates. If omitted, Excel uses the default method. |
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.
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=COUPNUM("1/1/2023", "12/31/2023", 2) |
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.
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=COUPNUM("3/1/2023", "9/30/2023", 4, 1) |
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.
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=COUPNUM("6/15/2023", "6/15/2028", 1) |
The function will return 5 because there are five annual coupon payments between June 15, 2023, and June 15, 2028.