一共收集了5个相关概念，包括 YTM, spot rate, forward rate, current yield, coupon rate。
- Yield to marturity, YTM, is an internal rate of return, IRR for a bond. 使债务工具所有未来回报的现值等于今天的价值的利率。
- spot rate（zero rate）is interest rate which makes price of pure discount bond equal to PV of its face value.是指无违约风险的零息债券的到期收益率。附息债券的到期收益率并不是即期利率。
From zero rates to YTM
1. Coupon bond has periodic coupon payments.
2. Each coupon can be considered as a zero coupon, i.e. pure discount bond.
3. Evaluate these coupons as pure discount bond.
4. Sum their PV's.
5. Set it equal to price.
6. For a given price, find internal rate of return for that bond. This IRR is "yield to maturity." - current yield = coupon / current bond price
- forward rate: 就是站在未来来讲的利率。
- coupon rate (票面利率)=票面利息/票面价格。
[quote]票面利率>到期利率，溢价债券（Premium bond）
票面利率 |
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