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Encyclopedia > Coupon (bond)

In finance, coupons are "attached" to bonds, either physically, as with old bonds (with a stapler), or electronically. Each coupon represents a predetermined payment promised to the bond-holder in return for his or her loan of money to the bond-issuer. The bond-holder is typically not the original lender, but receives this payment for effectively lending the money. The coupon rate, the amount promised per dollar of the face value of the bond, helps determine the interest rate or yield on the bond. Discount bonds are those which do not include coupons, being purchased at a value less than the par value paid out when the bond has matured. The phrase "coupon clipper" can refer to either a bond-owner or someone who uses coupons from newspapers, catalogs or advertisements. Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. ... The Coupon Rate is the amount promised per dollar (or other denomination of currency) of the face value of the bond. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... In financial economics, the yield of a financial instrument/security (finance), usually a debt instrument, or other investment is the rate of return the holder earns on that instrument. ... Zero coupon bonds are bonds which do not pay periodic interest payments, or so-called coupons. Zero coupon bonds are purchased at a discount from their value at maturity. ... Par value has several meanings depending on the context, whether used in the equities market, or in the bond markets, and partially also dependent on where in the world the par value term is used. ... In marketing a coupon is a ticket or document that can be exchanged for a financial discount or rebate when purchasing a product. ...

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  Bond market v d  
Fixed income | Bond | Debenture
Types of Bonds
By Issuer: Government bond | Sovereign bond | Agency bond
Municipal bond | Corporate bond | Emerging market debt
By Payout: Fixed rate bond | Floating rate note | Zero coupon bond
Inflation-indexed bond | Commercial paper | Accrual bond
Auction rate security | High-yield debt | Convertible bond
Mortgage-backed security | Asset-backed security
Bond option | Credit derivative | Credit default swap
Collateralized debt obligation | Collateralized mortgage obligation
Bond valuation
Pricing: Par value | Coupon | Clean price | Dirty price
Accrued interest | Day count convention
Yield analysis: Nominal yield | Current yield | Yield to maturity
Yield curve | Bond duration | Bond convexity
Credit analysis: Credit analysis | Credit risk
Spread analysis: Yield curve spread | Credit spread | Option adjusted spread



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