Coupon
A coupon is the contractual interest payment on a bond — usually a fixed percent of par, sometimes floating, sometimes zero.
Definition
Coupon refers to usually a fixed percent of par, sometimes floating, sometimes zero. Keep that definition fixed when comparing series, managers, or regimes — renaming the same tape does not create a new signal.
Why it matters
Duration, curve, and carry decide whether a macro view survives into P&L. When usually a fixed percent of par, sometimes floating, sometimes zero shifts, related hedges, limits, and narratives usually need an explicit update rather than a quiet assumption.
Case
Suppose a desk is positioned for the opposite of what coupon is saying. If usually a fixed percent of par, sometimes floating, sometimes zero moves against that book, the first question is not “is the story clever?” but whether size, hedges, and stop logic still match the observation.
How to read it
Always state the tenor and roll-down assumption; parallel-shift shortcuts hide curve risk. Prefer a short written null hypothesis for Coupon: what would falsify the current reading in the next window?
Ask the macro AI about this object
Opens Copilot with Codex + RAG context, or send the object into Alpha Factory intake.