如何计算Bond Yield
learn.whatIsHeading
Yield to maturity (YTM) is discount rate equating bond price to present value of all future cash flows: the investor's return if held to maturity.
分步指南
- 1Input bond price, coupon, par, maturity
- 2Solve discount rate equation iteratively
- 3Results show YTM percentage
例题解析
输入
Bond trading $95 (par $100), 5% coupon, 10 years to maturity
结果
YTM ≈ 5.42% (higher than coupon due to discount)
Requires iteration
常见错误注意事项
- ✕Confusing YTM with current yield
- ✕Assuming YTM static (changes with market prices)
常见问题
Is YTM guaranteed?
No, assumes hold to maturity and reinvest coupons at YTM rate.
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