Description
CoupPCD returns the date of the last coupon date before the settlement date.
Arguments
settlementDate is a
Date or
DateTime specifying when the security was purchased.
maturityDate is a
Date or
DateTime, after the settlement date, specifying the date when the security matures.
frequency is a number specifying the number of coupons per year. The supported values are 1 (annual payments), 2 (semiannual payments), and 4 (quarterly).
Action
CoupPCD returns the date of the last coupon date before the settlement date. Coupon dates are evenly spaced, aligning with the maturity date. If the settlement date falls on a coupon date, then CoupPCD returns the settlement date.
Examples
Suppose a 30-year bond was issued on March 15, 1995 with semiannual coupon dates. The bond was purchased on the secondary market on August 25, 2000 (the settlement date). The maturity date is 30 years after the issue date, or March 15, 2025.
CoupPCD(DateValue(2000,8,25),DateValue(2025,3,15),2)
Returns March 15, 2000. The coupon days for this bond occur on March 15 and September 15 of each year. The last of these dates, falling before the settlement date, is March 15, 2000.
Comments
This function is designed to work like the Excel function of the same name.
The number of days (according to the basis) between the value returned by CoupPCD and the settlement date is equal to the value returned by CoupDayBS.