<P> A coupon payment on a bond is the annual interest payment that the bondholder receives from the bond's issue date until it matures . </P> <P> Coupons are normally described in terms of the coupon rate, which is calculated by adding the sum of coupons paid per year and dividing it by the bond's face value . For example, if a bond has a face value of $1,000 and a coupon rate of 5%, then it pays total coupons of $50 per year . Typically, this will consist of two semi-annual payments of $25 each . </P> <P> The origin of the term "coupon" is that bonds were historically issued in the form of bearer certificates . Physical possession of the certificate was proof of ownership . Several coupons, one for each scheduled interest payment, were printed on the certificate . At the date the coupon was due, the owner would detach the coupon and present it for payment (an act called "clipping the coupon"). </P>

What is the coupon rate of a bond
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