If you have a bond with an interest rate of 4.375% -that's not an easy one to divide by two but you would get half of that every six months until maturity.

如果你持有一种利率为4.375%的债券,这个数除以2有点难算,而在债券到期前,每半年你能得到4.375%一半的券息

耶鲁公开课 - 金融市场课程节选

You want to subtract off the value of a perpetuity that starts after 2T, six-month intervals, so this is the present value of the perpetuity that starts after 2T, six-month intervals.

所以就要从永续债券价格里减去,2T期以后,每六月一期券息的贴现值,这部分是永久债券从第2T期后,每半年一期券息的现值

耶鲁公开课 - 金融市场课程节选

If you had a perpetuity, which paid C/2 forever, you already know from the perpetuity formula that the value of that would be C/2 divided by r/2 if r/2 is the discount rate.

如果你有一只永续债券,每半年付息C/2,没有到期日,从永续债券的公式可以知道,债券价格等于C/2除以r/2,r/2为贴现率

耶鲁公开课 - 金融市场课程节选