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Relationships between the coercivity of hydrogenation disproportionation desorption recombination(HDDR)Nd12.5Fe81.5-xCo6Bx bonded magnets and boron content were investigated.Nd2Fe17 phase with planar magnetic anisotropy is present in the microstructure when x=4at％-5.88at％,which does not reduce the coercivity of the bonded magnets.High-resolution transmission electron microscopy(TEM)images show that Nd2Fe17phase exists in the form of nanocrystals in the Nd2Fe14B matrix.There is an exchange-coupling interaction between the two phases so that the coercivity of HDDR Nd12.5Fe81.5-xCo6Bx bonded magnets is hardly reduced with a decrease in boron content.