Convertibles have a lower coupon rate that non-convertible debt, but they offer investors a chance for capital gains in exchange for the lower coupon rate.

可转债的票面利率低于一般公司债，并为投资人提供机会从换股中获得资本利得。

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So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.

所以，如果一只债券在利率很低的时候发行，在汇率为6%的的时候，它们可能有一个4%的票息。

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If you bought a 10-year bond with a 5% coupon in 2003, your only option as it matures in 2013 may be to accept a much lower coupon rate.

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All things being equal, an investor would rather not hold a bond with a low coupon rate when new bonds are being issued at higher coupon rates.

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To do so, it issues 5-year bonds, also called notes, with a 7% coupon rate.

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