Function SecurityCouponNextDate(SettlementDate, MaturityDate, Frequency, NextDate)

SecurityCouponNextDate

The function SecurityCouponNextDate returns the first coupon-date next to settlement date of a security that pays interest at the end of each coupon period.

SecurityCouponNextDate(
    SettlementDate,           ! (input) scalar string expression
    MaturityDate,             ! (input) scalar string expression
    Frequency                 ! (input) numerical expression
    NextDate                  ! (output) string parameter
    )

Arguments

SettlementDate

The date of settlement of the security. SettlementDate must be in date format.

MaturityDate

The date of maturity of the security. MaturityDate must also be in date format and must be a date after SettlementDate.

Frequency

The number of coupon payments in one year. Frequency must be 1 (annual), 2 (semi-annual) or 4 (quarterly).

NextDate

The date on which the coupon period ends and on which the next coupon period starts.

Note

The function SecurityCouponNextDate is similar to the Excel function COUPNCD <https://support.microsoft.com/en-us/office/coupncd-function-fd962fef-506b-4d9d-8590-16df5393691f>_.

Example

When will the next coupon be issued, when the settlement date is Feb 1, and the coupons are issued quarterly until Jan 1?

SecurityCouponNextDate(
        SettlementDate :  "2025-02-01",
        MaturityDate   :  "2030-01-01",
        Frequency      :  4,
        NextDate       :  _sp_tcnd);
block where single_column_display := 1, listing_number_precision := 6 ;
        display _sp_tcnd ;
endblock ;

Here it coincides with the start of every quarter, which is also Jan 1:

_sp_tcnd := "2025-04-01" ;

References

• General equations for securities with multiple coupons.