Excel Functions

Excel COUPNUM Function

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The Excel COUPNUM  stands for coupon number.COUPNUM function helps calculate the number of coupon payments that we will receive from the settlement date of a bond to its maturity date. In MS-Excel this function is categorized under financial function.

Purpose of Excel COUPNUM Function

To get a number of coupons payable.

Return value

COUPNUM function returns the number of coupons payable between the settlement date and maturity date, rounded up to the nearest whole coupon.


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


settlementThe security’s settlement date. The security settlement date is the date after the issue date when the security is traded to the buyer. Mandatory
maturityThe security’s maturity date. The maturity date is the date when the security expires. Mandatory
frequencyThe number of coupon payments per year. For annual payments, frequency = 1; for semiannual, frequency = 2; for quarterly, frequency = 4. Mandatory
[basis]The type of day count basis to use. Optional
0 or OmittedUS (NASD) 30/360
4European 30/360

Usage note

  • 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.


Since 2007 for Windows.
Since 2011 for Mac.

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