A bond where the coupon's interest rate remains fixed for the entire term. Interest rate movements affect the bond's price not the coupon.
固定利率债券在整个债券有效期限内，债券的息票利率保持不变的债券。利率的变动影响债券的价格而非息票。
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The interest rate stated on a bond, note or other fixed ine security, expressed as a percentage of the principal (face value). Also called coupon rate.
They will immediately observe that the return on a bond (the coupon) is fixed, while the return on an equity investment (the company's earnings) can vary substantially from one year to another.