定义:bond`s yield is the single discount rate that,when applied to all cash flows,gives a bond price equal to its market price.从这个定义里我们可以看出 这个债券收益率其实是一个折现率,这个非常重要因为后面有一些性质我以前总是无法想明白,后来再看了定义就明白了。 平价收益率(Par Yield): 定义:T...
A bond's yield is the discount rate that can be used to make thepresent valueof all of the bond's cash flows equal to its price. In other words, a bond's price is the sum of the present value of each cash flow. Each cash flow is present-valued using the same discount factor. T...
Bond Yield vs. Bond Price Price and yield are inversely related. This means that as the price of a bond goes up, its yield goes down. Conversely, as the yield goes up, the price of the bond goes down. If an investor purchases a bond with a face value of $1000 that matures in fiv...
A bond’s yield is the expected rate of return on a bond. The are three measures of bond yield: nominal yield, current yield and yield to maturity.In bond markets, a bond price movements are typically communicated by quoting their yields. It is because it is a standardized measure which ...
It is, however, only an approximation of the actual change in bond price given a small change in yield to maturity. The tangent drawn against the price/yield curve can be used to measure the price change if the yield on the bond changes. Convexity is a second-order measure of interest ...
However, a bond’s yield, which is calculated by dividing the yearly coupon payment by the bond price, significantly affects the price at which the instrument is sold. Bond prices and yields have a negative relationship. Bond yields decline when bond prices increase, and vice versa. ...
What is its average rate of return?r = 3% per half yearBond equivalent yield = 6%EAR = (1.03)2)-1=6.09%15YTM vs. Current Yie 9、ldYTMThe YTM is the bonds internal rate of return.YTM is the interest rate that makes the present value of a bonds payments equal to its price.YTM ...
of the bond's payments equal to its price. This yield is sometimes called the bond'syieldfor ...
3.3 Bond Price and Yield 债券价格与要求回报率。 我为什么要学习这门课? 随着我国经济发展取得的长足进步,以及高层领导对于债券市场发展的高度重视,我国的债券市场一定会继续快速发展,逐渐成熟健全,同时对相关人才的需求也会越来越多,这也给我们广大同学在未
The three basic components of a bond are its maturity, its face value, and its coupon yield. Bond prices fluctuate inversely to interest rates. A bond’s current price is determined by its yield relative to other bonds along the yield curve, its rating (as set by ratings agencies), an...