# WorksheetFunction.CoupNcd Method (Excel)

Office 2013

Returns a number that represents the next coupon date after the settlement date.

## Syntax

expression .CoupNcd(Arg1, Arg2, Arg3, Arg4)

expression A variable that represents a WorksheetFunction object.

### Parameters

Name

Required/Optional

Data Type

Description

Arg1

Required

Variant

The security's settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer.

Arg2

Required

Variant

The security's maturity date. The maturity date is the date when the security expires.

Arg3

Required

Variant

The number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4.

Arg4

Optional

Variant

The type of day count basis to use.

Double

## Remarks

Important

Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The following table contains the values used in Arg4.

Basis

Day count basis

0 or omitted

US (NASD) 30/360

1

Actual/actual

2

Actual/360

3

Actual/365

4

European 30/360

• 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. Microsoft Excel for the Macintosh uses a different date system as its default.

Note

Visual Basic for Applications (VBA) calculates serial dates differently than Excel. In VBA, serial number 1 is December 31, 1899, rather than 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, CoupNcd generates an error.

• If frequency is any number other than 1, 2, or 4, CoupNcd generates an error.

• If basis < 0 or if basis > 4, CoupNcd generates an error.

• If settlement ≥ maturity, CoupNcd generates an error.