If, during this period, a high-grade, noncallable, long-term bond with a 12 percent coupon had existed, it would have sold far above par.

如这一时，一个等级，无法回购的12%息票率的长债存的话，也会卖的远远超过票面价值的。

Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.

原始有效十年并带有息票的政府债，利息每半年支付。