Bond Valuation: Basic Bond Valuation (cont.) Mills Company, a large defense contractor, on January 1, 2016, issued a 10% coupon interest rate, 10-year bond with a $1,000 par value that pays interest annually. Bond Valuation: Basic Bond Valuation (cont.) Mills Company, a large defense contractor, on January 1, 2016, issued a 10% coupon interest rate, 10-year bond with a $1,000 par value that pays interest annually