Remember that coupons are paid semiannually. Thus, the bond buyer receives the full payment of the coupon even though he or she did not own the bond during the full coupon period. The technicalities of the trading process work such that the buyer pays the seller the accrued portion of the coupon payment at the time of purchase and then gets this amount back on the first coupon payment date. The buyer gets the full coupon payment, but part of this payment is just the return of the accrued interest paid at purchase. It is not part of the quote (i.e., the clean price).

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