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Yield to Maturity (YTM) is the internal rate of return on a bond held to maturity. It's the discount rate where the present value of all future cashflows equals the bond's current price.
Formel
YTM solves: Bond Price = Σ[Coupon / (1+YTM)ⁿ] + Par / (1+YTM)ⁿ
Trin-for-trin guide
- 1Enter bond price, par value, coupon rate, years to maturity
- 2Use iterative methods (Newton-Raphson) to solve for YTM
- 3Result approximates annual return to maturity
Løste eksempler
Input
Price: $950, Par: $1000, Coupon: 5%, Years: 10
Resultat
YTM ≈ 5.45%
Bond trading at discount
Almindelige fejl at undgå
- ✕Confusing YTM with current yield
- ✕Not assuming reinvestment of coupons
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