In order to have a yield to maturity less than the coupon rate, the bond must be:

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When a bond is selling at a premium, it means the market price of the bond is higher than its face value. This typically occurs when the coupon rate of the bond is higher than the current market interest rates. Investors are willing to pay more for the bond because it offers interest payments that are higher than what new bonds are offering. However, because the investor pays more upfront for the bond, the overall yield to maturity (which takes into account all cash flows from the bond, including the premium paid over its face value) will be less than the coupon rate. This is because the yield to maturity reflects the total return an investor will receive by holding the bond until maturity, factoring in the price paid for the bond relative to its face value and coupon payments.

In Order to Have a Yield to Maturity Less Than