Long Coupon
A long coupon is an irregular coupon period longer than the standard interval, affecting accrued interest, first payments, and yield calculations.
Fixed-income guide to zero-coupon bonds, perpetual bonds, and long-coupon periods that change cash-flow timing, duration, and yield analysis.
Zero-coupon, perpetual, and long-coupon bonds depart from the standard pattern of regular coupon payments and principal repayment on a fixed maturity date. Zero-coupon bonds concentrate return at maturity, perpetual bonds may have no scheduled maturity, and long coupons create irregular first or final interest periods.
Use this branch when cash-flow timing affects duration, accrued interest, tax timing, reinvestment assumptions, or yield to maturity. The structure can change both quoted yield and the investor’s actual cash-flow experience.
For regular coupon mechanics, use Coupon Rates, Payments, and Periods. For delayed or capitalized interest, use Fixed, Deferred, and PIK Interest Structures.
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A long coupon is an irregular coupon period longer than the standard interval, affecting accrued interest, first payments, and yield calculations.
A perpetual bond has no scheduled maturity date, so value depends on coupon durability, issuer credit, call terms, and required yield.
A zero-coupon bond makes no periodic coupon payments and is typically bought at a discount, with return realized through accretion toward maturity value.