… increasing interest rates?
The increase of interest rates on the market causes a fall of the price of already issued bonds with a fixed coupon. If the current interest rates are higher than at the time of the issue of the bond, the bond is sold under otherwise the same terms and conditions for a price lower than its nominal value.
… stable interest rates?
Stable interest rates for otherwise the same terms and conditions do not affect the price of the bond.
… decreasing interest rates?
The decrease of interest rates on the market causes a rise of the price of already issued bonds with a fixed coupon. If the current interest rates are lower than at the time of the issue of the bond, the bond is sold under otherwise the same terms for a price higher than its nominal value.