That's why bonds are called fixed income securities as opposed to variable income securities (shares or cash equities, which pay dividends).
If you hold a bond to maturity you know exactly how much money you're getting and on which dates (normally every 6 months) unless the bond issuer defaults. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
One of the "innovative" features of finance in recent years is the use of equity-style investment techniques with high turnovers and more focus on bond price than on the income. That may have been a very bad idea precisely because of the default risk. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
