An interest payment (coupon) that covers a shorter period than the other coupons on a bond. For example, in a semi-annual bond, the first interest payment might cover a period shorter than the regular six months (say, four months). Short coupons are usually associated with the first interest installment.

Short coupon could also be another term for short bond, i.e., a bond with a short time until maturity date. Bonds with less than two years to maturity are often referred to as short coupon.