What Is COUPNUM Excel Function?

The COUPNUM Excel function is a financial formula used to calculate the number of coupons payable between the settlement date and the maturity date of a security. This function is commonly used in fixed-income securities analysis to determine how many coupon payments are expected to be paid over a specific period. To use the COUPNUM Excel function, we must have details like the settlement date, maturity date, frequency of coupon payments per year, and basis for day count conventions.

Let us look at the example to understand how the COUPNUM Excel function works. In this example, we have the settlement date as 1 January 2024 and the maturity date as 30 April 2024 for a bond.


To calculate the number of coupons between the settlement and maturity date, add the following formula in the assigned cell.


We get a result of 1 as shown below, indicating that the number of coupons is 1.

Key Takeaways
  • The COUPNUM Excel function calculates the number of coupon payments expected between the settlement date and maturity date of a security. It helps in analyzing fixed-income securities by forecasting cash flows, calculating accrued interest, and determining profitability.
  • The syntax of the function is: =COUPNUM(settlement, maturity, frequency, basis).
  • The usage of the function is not just limited to calculations, but it plays a crucial role in helping financial professionals make informed investment decisions. By understanding and using this function effectively, they can better analyze fixed-income securities and their potential profitability.


  1. Settlement – (Mandatory) The bond settlement date is the day when the bond is officially transferred to the buyer.
  2. Maturity – (Mandatory) This is the expiration date of the security.
  3. Frequency – (Mandatory) This is the frequency of coupon payments per year. Choose from 1 for annual, 2 for semi-annual, or 4 for quarterly.
  4. Basis – (Optional) This specifies the day count basis that will be utilized.
BasisDay Count Basis
0US(NASD) 30/360
4European 30/360

How To Use COUPNUM Function in Excel?

If you want to use the COUPNUM function in Excel, follow these steps.

#1 – Access from the Excel ribbon

  1. Choose an empty cell, go to the Formulas tab, and click OK.


  2. In the Excel ribbon, click on “Financial.”


  3. Choose the COUPNUM option from the drop-down menu.


  4. In the Function Arguments dialog box, input the values for settlement, maturity, frequency, and basis(optional). Once you’ve filled in all the necessary information, click OK.


#2 – Enter the worksheet manually

Step 1: Choose an empty cell and input =COUPNUM(). Alternatively, start typing =C and double-click on COUPNUM from the list of suggestions in Excel.


Step 2: Enter the required values, close the braces, and press the Enter key.


In this example, let us look at the COUPNUM function in Excel.

Example #1

The COUPNUM formula helps calculate coupon rates for bonds. For example, there is a $1,000 bond with a 5% annual coupon rate over one year and with an annual payment frequency. The settlement and maturity date are shown in the table. Let us calculate the number of coupon payments.


Step 1: Insert the COUPNUM formula in cell B5 to calculate the number of coupons for the bond.

=COUPNUM(B1, B2, B3)


Step 2: The result is calculated as two as the number of coupons payable.


Excel will return the total number of coupons that will be issued during this period. This functionality is crucial for financial professionals evaluating bond investments or analyzing cash flow projections with fixed-income securities. 

Example #2

This example demonstrates how to calculate the number of coupons payable for an asset that was purchased for $2,500 on 01/01/2020. The asset has a semi-annual frequency and a coupon rate of 15%. The number of coupons is calculated using the COUPNUM Excel function.


Step 1: Select cell B5 and enter the COUPNUM Excel formula. Remember, the dates should be in the DATE format in excel rather than as text, as it could lead to problems in the calculation. Otherwise, when using the date values in the formula, you may use the DATE function.



Step 2: The outcome is showcased in cell B5.


Thus, the COUPNUM function enables users to efficiently determine how many coupon payments have occurred between two specified dates.

Example #3

An asset was purchased for $45,000 with a settlement date of December 15, 2000. The coupon rate is 10%, and the asset’s maturity date is January 1, 2022. We will calculate the result with quarterly frequency and with Actual/360 basis value.


Let’s start the calculation by entering the values.

Step 1: Insert the formula to calculate the number of coupons payable in cell B5, as shown.


Step 2: Press Enter. The coupon value is attained in cell B5.


Important Things To Note

  1. The #NUM! error occurs when:
    • The settlement date is later than the maturity date. The frequency argument is not 1, 2, or 4.
    • The basis argument is not 0, 1, 2, 3, or 4.
  2. The #VALUE! error occurs when the settlement date or maturity date is not valid. Dates must be in date format or converted using the DATE function for the function to work properly. Additionally, the error may occur if any of the arguments are non-numeric.
  3. Settlement and maturity dates must be between January 1, 1900, and December 31, 2399. The maturity date must be after the settlement date.
  4. The COUPNUM function converts all input values to whole numbers.
  5. In Excel, dates are represented as serial numbers and arguments are converted to integers, meaning that time is not considered.

Frequently Asked Questions (FAQs)

1. When would I use the COUPNUM function in Excel?

The COUPNUM function in Excel is typically used in financial analysis and accounting to calculate the number of coupons that have accrued between the settlement date and maturity date of a security. This function is handy when analyzing bonds, as it helps determine the total number of interest payments that have accumulated over a given period.

It is also used with fixed-income securities, such as government or corporate bonds, where understanding the timing and amount of coupon payments is crucial for investment decisions and risk management.

2. What are the differences between the COUPNUM and COUPNCD functions in Excel?

COUPNUM Excel-Question-2

3. What are any limitations of using the COUPNUM Excel function?

The limitations of using the COUPNUM Excel function are as follows.

• The function assumes a 30/360-day count convention, which may not accurately reflect the actual days in a given month or year.
• It can lead to slight inaccuracies in the calculated accrued interest.
• The COUPNUM function does not account for leap years or non-standard coupon payment frequencies, which can further impact its accuracy.
• This function only calculates the number of coupon periods between two specified dates. It does not take into consideration any other factors that may affect the actual cash flows of an investment.

Download Template

This article must help us understand the COUPNUM Excel Function’s formula and examples. You can download the template here to use it instantly.

Guide to COUPNUM Excel Function. Here we explain how to use COUPNUM function with examples & downloadable excel template. You can learn more from the following articles. –

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