The most recent came with interest coupons of 7 percent.

His son thus collected the interest coupons at maturity.

"In effect, there is a separate guarantee from the Treasury on the principal repayment and interest coupons."

Interest coupons on the securities run as high as 7.7 percent, and the maturities extend to more than 30 years.

Suppose Uncle Sam issued a bond where both the interest coupon and the redemption value rose with the general price level.

Traders often strip bonds, removing the interest coupon, and may then later reconstitute them in an attempt to benefit their trading strategies.

If Horst had given both the bond and the interest coupons to his son, the interest would have been taxable to his son.

Stripping refers to the practice of creating new zero coupon securities by separating interest coupons from the principal of outstanding Treasury issues.

Zero-coupon bonds do not earn interest like regular bonds, for which interest coupons are clipped and turned in for payment.

The largest of the new issues, $500 million for the Sumitomo Realty and Development Company, is to carry an interest coupon of 1 7/8 percent.

That the law did not impose an internal revenue tax on interest coupons of such bonds payable and paid on the first day of January 1872.

In recognition of his efforts to improve the line the British bondholders agreed in 1874 to lower the rate on their investments, and not to cash the interest coupons.

The securities are often sold below market interest rates because they can be designed to offer the specific maturity, call feature, interest coupon or currency sought by an investor.

A year ago, there were roughly 40 firms making markets for floating-rate notes, debt securities whose interest coupons are reset every few months according to movements in market rates.

The name derives from the days before computerization, when paper bonds were physically traded; traders would literally tear the interest coupons off of paper securities for separate resale.

As physically processing paper bonds and interest coupons became more expensive, issuers (and banks that used to collect coupon interest for depositors) have tried to discourage their use.

Because he was able to separate the interest coupons from the bonds and procure payment of the interest to his son, Paul Horst enjoyed the economic benefits of the income.

The issue before the Court was whether the gift of interest coupons, during the donor's taxable year, detached from the bonds, is considered as the realization of income taxable to the donor.

Unlike other stripped mortgage issues, the payments on the principal and 9 percent interest coupons will be completely separate, the Federal agency and brokerage house said, permitting investors to buy either segment or combinations of both.

The defendant, who is averred to be a citizen of New York, became the holder of eight of these obligations with interest coupons attached, each one being endorsed in blank by Foster Brothers, the original payees.

Whatever the amount of Japanese selling, it has been enough to reduce the price of long-term zero-coupon Treasury bonds to such a level that their yield is now higher than that of the same bonds with interest coupons intact.

A zero-coupon bond is a run-of-the-Treasury bond that has been stripped of its interest coupons, leaving only the naked corpus, representing the Treasury's pledge to redeem the bond at its face value on the date of maturity.

With reports circulating for weeks that Manufacturers Hanover had gathered only $800 million worth of debt paper with the interest coupons intact, as demanded by the Government, Mr. Menem said he expressed his concern to President Bush during their breakfast meeting last week in New York.

The current charges against him stem from his failure to report, on his bankruptcy petition, $505,000 in gambling winnings at a Las Vegas casino in September 1995 and the $4 million in bonds and their interest coupons that were eventually converted into $20 million in profits.

The United States acquiesces in the judgment in respect to the first of these claims, but contends that the Act of July 14, 1870, imposed a tax upon interest coupons that were paid out of the corporation earnings for 1871, although such payment was not due nor made until January 1, 1872.