Owners’ Equity Although bondholders have a priority claim to the assets of a company, the rate of interest paid to the bondholders is typically greater than the dividend rate paid to common shareholders. For example, the dividend rate on AT&T’s common stock recently was 2.2 percent while the interest rate on its bonds that mature in 3 years was approximately 5.2 percent. Explain this difference by comparing the nature of bonds payable and common stock.