The ones that are beautiful for framing

那些用来陈列的债券
are the ones that failed,

其实都是违约的
so you can see all the coupons.

因此你们才能看到息票
Some of them have some of the coupons clipped and then

一些息票被剪下来并兑现了
they stop and you know that

而随即又停止
it was bad news when they stopped clipping them.

当他们停止剪票这可是坏消息
We still call them coupons.

我们仍把当期债券利息叫做"票息"
If you have a bond with an interest rate of 4.375%

如果你持有一种利率为4.375%的债券
--that's not an easy one to divide by two

-这个数除以2有点难算
-but you would get half of that

而在债券到期前
every six months until maturity.

每半年你能得到4.375%一半的券息
We have to ask then, how do we get the price and the yield from this?

怎样确定这种债券的价格和收益呢