After a bond has been issued, the first interest payment normally takes place after six months in the USA and after twelve months in Europe. However, if a bond has a long coupon, the first interest payment for a US-bond is not made until after nine or twelve months and 15 months for a European-bond. Of course, the investor then also receives the interest for the whole period, provided he has held the bond from the beginning since it was issued. However, the long coupon often applies only to the first interest payment. The further interest payments then take place in the usual six-month cycle for US-bonds and twelve-months cycle for European bonds.
