The coupon is the annual interest rate a bond pays, expressed as a percentage of its face value. This rate is fixed for the entire life of the bond, from issuance to maturity. The fact that the rate is fixed does not mean the payment is guaranteed: coupon payments depend on the issuer meeting its obligations.
Example: a bond with a 6% coupon and a $1,000 face value would pay $60 a year (assuming you hold it for a full year and the issuer makes its payments).
Coupons are usually paid every six months. You can see the next payment date in each bond's detail.
If you buy a bond between coupon payment dates, you'll pay the seller the interest accrued since the last payment (accrued interest). This amount is shown on your order confirmation screen and is not a Hapi fee.
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Bonds are offered through Hapi Securities LLC (member FINRA/SIPC), with custody and clearing through Apex Clearing Corporation. Hapi is self-directed and does not offer investment recommendations. Investing involves risks, including the possible loss of capital. Bonds are subject to credit, rate, and liquidity risk. Hapi Securities LLC | Member FINRA & SIPC. Not an investment recommendation.