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A more comprehensive measure of a bond's rate of return is itsyield to maturity(YTM). Since it is possible to generate profit or loss by purchasing bonds below or above par, this yield calculation takes into account the effect of the purchase price on the total rate of return. If ...
So, the great equalizer is a bond’s yield to maturity (YTM). The YTM calculation considers the bond’s current market price, par value, coupon interest rate, and time to maturity. It also assumes that all coupon payments are reinvested at the same rate as the bond’s current yield. YT...