Coupon payment date
The day the issuer transfers the coupon; it reaches the holder's account later, once the settlement chain has done its work.
How to read the number
The list of recipients is fixed on the record date rather than on the payment date, so a buyer arriving after the fixing collects the next coupon instead.
When the metric lies
Money is idle between the issuer's transfer and the broker's credit. On short issues that pause is visible in the final result.
Also known as: coupon payout date, coupon date