The coupon rate is viewed as the fixed income the investor earns from owning the bond on an annual basis, the ratio of the annual coupon payments and the par value of the bond. The bond's coupon rate at the time of its issuance coincides with its YTM at issuance, which is the return that would be expected by the investor if they hold the bond to maturity. YTM is dependent upon the sum of the remaining coupon payments, which has a shifting relationship to the bond's market value and its remaining period to make payments.