Suppose a company issued 30-year bonds some time ago when market interest rates were quite high. The coupon rates on those bonds will have been fixed at the higher rates. And since at the time financial managers knew that market rates might change before the 30 years to retire the bonds, they almost certainly made sure... o that the bonds would default to junk status. O that the bonds were able to be called early. O that the bonds' YTM was able to be lowered in order to reduce the semi-annual payments