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The interest rate of a bond is stated in the bond indenture. That interest rate, known as contract or coupon rate, is often different from the prevailing market interest rates on the day the bond is issued. When the market or effective rate is higher than the coupon rate of the bond, the bond will be sold at a discount. When the market or effective rate is lower than the coupon rate, the bond will be sold at a premium. Bonds are rarely sold at their face value due to interest rate changes.
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