The duration is inversely related to its a) coupon rate.
The coupon rate is the interest rate that bond issuers pay on the bond's face value. It refers to the ongoing interest rate that bond issuers charge their purchasers. The bond's face value is utilized to calculate the coupon rate, not the issue price or market value. Bond prices will remain at par as they get closer to their maturity dates if the necessary return is constant and equal to the coupon rate.
Since a part of the coupon payments is made before the bond's maturity period, any bond that delivers a coupon shall have a term which is ideally shorter than its maturity. A lower coupon rate lengthens the term of a bond since correspondingly fewer payments are made prior to the bond's eventual maturity.
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