0 , 0 0 0 . ▁For ▁bro ker / de al ers , ▁however , ▁anything ▁smaller ▁than ▁a ▁$ 1 0 0 , 0 0 0 ▁trade ▁is ▁viewed ▁as ▁an ▁" odd ▁lot ". ▁ ▁B onds ▁typically ▁pay ▁interest ▁at ▁set ▁intervals . ▁B onds ▁with ▁fixed ▁coup ons ▁divide ▁the ▁stated ▁cou pon ▁into ▁parts ▁defined ▁by ▁their ▁payment ▁schedule , ▁for ▁example , ▁semi - ann ual ▁pay . ▁B onds ▁with ▁floating ▁rate ▁coup ons ▁have ▁set ▁calculation ▁sched ules ▁where ▁the ▁floating ▁rate ▁is ▁calculated ▁shortly ▁before ▁the ▁next ▁payment . ▁Zero - cou pon ▁b onds ▁do ▁not ▁pay ▁interest . ▁They ▁are ▁issued ▁at ▁a ▁deep ▁disc ount ▁to ▁account ▁for ▁the ▁imp lied ▁interest . ▁ ▁Because ▁most ▁b onds ▁have ▁predict able ▁income , ▁they ▁are ▁typically ▁purchased ▁as ▁part ▁of ▁a ▁more ▁conserv ative ▁invest ment ▁scheme . ▁Nevertheless , ▁invest ors ▁have ▁the ▁ability ▁to ▁act ively ▁trade ▁b onds , ▁especially ▁corpor ate ▁b onds ▁and ▁municipal ▁b onds ▁with ▁the ▁market ▁and ▁can ▁make ▁or ▁lose ▁money ▁depending ▁on ▁economic , ▁interest ▁rate , ▁and ▁iss uer ▁factors . ▁ ▁Bond ▁interest ▁is ▁tax ed ▁as ▁ordinary ▁income , ▁in ▁contrast ▁to ▁divid end ▁income , ▁which ▁receives ▁favor able ▁tax ation ▁rates . ▁However ▁many ▁government ▁and ▁municipal ▁b onds ▁are ▁ex empt ▁from ▁one ▁or ▁more ▁types ▁of ▁tax ation . ▁ ▁In vest ment ▁companies ▁allow ▁individual ▁invest ors ▁the ▁ability ▁to ▁particip ate