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When a bond is sold between coupon payment dates, the buyer pays the seller for the coupon interest earned from the time of the last coupon payment to the settlement date of the bond.
What is a bond?
Bond refers to the type of security that are used by governments or companies to raise money by borrowing from investors.
Bonds are also known as fixed income instruments. It is a loan from an investor to a borrower such as a company or government.
Basically, bonds are issued by the government and corporations when it needs money. They commonly use bonds in order to borrow money.
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