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债券到期收益率

计算债券持有至到期的总年化收益,考虑利息支付、购买价格和面值。

Bond price
$
Face value
$
Coupon rate
%
Years to maturity
yr
Payment frequency
Current yield
Coupon rate
Total coupons
Capital gain/loss
Total return
Bond type
Yield to maturity
%
annualized return if held to maturity
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Industry use cases
Fixed Income Portfolio Management Portfolio managers calculate YTM across bond holdings to identify high-yield securities and optimize their overall fixed-income allocation.
Retail Bond Investment Individual investors compute yield to maturity before purchasing bonds to ensure the expected return meets their investment goals.
Corporate Bond Evaluation Credit analysts calculate bond yields to assess risk-return profiles of corporate debt before recommending them to investment committees.
Pension Fund Allocation Pension fund trustees use YTM calculations to determine adequate bond allocations that support long-term retirement benefit obligations.
Frequently asked questions
What is yield to maturity?
YTM is the total annualized return on a bond if you hold it until maturity, including all coupon payments and any capital gain or loss when it matures.
Is yield to maturity the same as coupon rate?
No. Coupon rate is the fixed interest payment percentage. YTM is your total return, including reinvested coupons and capital gains or losses.
Can yield to maturity exceed the coupon rate?
Yes. When a bond trades below face value (discount), YTM exceeds the coupon rate because you earn both interest and capital appreciation.
What if yield to maturity is below the coupon rate?
The bond trades above face value (premium), meaning you'll have a capital loss at maturity that reduces your return below the coupon rate.
What is a good yield to maturity?
It depends on market conditions and bond quality. Investment-grade bonds typically yield 2-5%, while corporate bonds might yield 4-8% or higher.
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