Calcolatore Rendimento a Scadenza — Formula

Bond Yield to Maturity

YTM is the total return expected on a bond held to maturity, accounting for coupon payments and any price discount or premium.

Approximate YTM Formula

YTM = [C + (F - P) / n] / [(F + P) / 2]

Where:

  • C = Annual coupon payment
  • F = Face value
  • P = Current market price
  • n = Years to maturity

    • Premium vs Discount

  • Discount bond (price < par): YTM > coupon rate
  • Par bond (price = par): YTM = coupon rate
  • Premium bond (price > par): YTM < coupon rate

    • Esempio Risolto

    $1,000 face value bond, $950 current price, 5% coupon, 10 years to maturity.

    1. Annual coupon = $1,000 x 5% = $50
    2. Price gain = ($1,000 - $950) / 10 = $5/year
    3. Average price = ($1,000 + $950) / 2 = $975
    4. Approx YTM = ($50 + $5) / $975 = 5.64%