到期收益率( Yield to maturit 3. Coupon Bond Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value= $1,000) Price of Bond(S) Yield to Maturity(%) 1.200 7.13 ,100 8.48 1.000 10.00 800 13.81 When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate The price of a coupon bond and the yield to maturity are negatively related; that is, as the yield to maturity rises, the price of the bond falls. As the yield to maturity falls, the price of the bond rises The yield to maturity is greater than the coupon rate when the bond price is below its face value
到期收益率 （Yield to Maturity） 3. Coupon Bond • When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. • The price of a coupon bond and the yield to maturity are negatively related; that is, as the yield to maturity rises, the price of the bond falls. As the yield to maturity falls, the price of the bond rises. • The yield to maturity is greater than the coupon rate when the bond price is below its face value
到期收益率( Yield to maturit 3. Coupon Bond one special case of a coupon bond that is worth discussing because its yield to maturity is particularly easy to calculate. This bond is called a perpetuity(永续债券). it is a perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments forever永续债券是一种没有到期日也不偿还本 金的、永远进行固定利息支付的债券。 其计算公式为: P=C/ 如果每年支付100美元的永续债券价格为2000美元, 其到期收益率为 100/2000=5%
到期收益率 （Yield to Maturity） 3. Coupon Bond one special case of a coupon bond that is worth discussing because its yield to maturity is particularly easy to calculate. This bond is called a perpetuity(永续债券 ). it is a perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments forever.永续债券是一种没有到期日也不偿还本 金 的 、 永远进行固定利息支付的债券 。 其计算公式为： P＝C/ i 如果每年支付100美元的永续债券价格为2000美元， 其到期收益率为 100/2000=5%