Why do bonds from the same issuer have different coupons if they have different times to maturity?

Bonds from the same issuer have different coupons primarily due to the varying risk and interest rate environments associated with their different maturities. Longer-term bonds typically offer higher coupons to compensate investors for the greater risk of interest rate fluctuations and inflation over time. Conversely, shorter-term bonds usually have lower coupons since they are less exposed to these risks. This differentiation helps balance the issuer's cost of borrowing with investor demand for yield based on the bond's duration.