Not all bonds are issued as junk. Some may start out investment grade (and thus have a relatively low coupon) and turn into junk meaning that their price would drop due to an increase in the default risk of the issuer.

Generally bonds are issued closed to par, so they would need to pay a higher coupon in order to get a price near par.

This is one of the reason that yield is such an important measure for bonds. It is a way to compare bonds that have different coupons and prices in a meaningful way.

Note that bonds are classified as "junk" because they have a high risk of default. The price is a reflection of both the coupon amount and the risk of default, so a bond might have a low price OR a high coupon and still not be classified as "junk".

Not all bonds are issued as junk. Some may start out investment grade (and thus have a relatively low coupon) and turn into junk meaning that their price would drop due to an increase in the default risk of the issuer.

Generally bonds are issued close to par, so bonds with a higher risk of default would need to pay a higher coupon in order to compensate for that risk and get a price near par.

This is one of the reason that yield is such an important measure for bonds. It is a way to compare bonds that have different coupons and prices in a meaningful way.

Note that bonds are classified as "junk" because they have a high risk of default. The price is a reflection of both the coupon amount and the risk of default, so a bond might have a low price OR a high coupon and still not be classified as "junk".