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1. Bond yield to maturity refers to the rate of return that can be obtained by buying bonds at a specific price and holding them until the maturity date. The discount rate can make the present value of future cash flow equal to the bond purchase price.
Related conclusions:
1. Bonds issued at parity, yield to maturity equals coupon rate;
2. Bond premium issuance, yield to maturity is lower than coupon rate;
3. yield to maturity is higher than coupon rate in discounting bonds. Decision-making principle: The effective yield to maturity in that year was higher than the necessary rate of return required by investors, and the bonds were worth investing.
At the same time, according to the different interest payment methods, the bond yield to maturity calculated by each company is also different:
1. Calculation of yield to maturity of installment bonds = [(bond face value × bond annual interest rate )× remaining period+bond face value-bond purchase price]/(bond purchase price × remaining period )×100%.
2. Calculation method of yield to maturity for one-time debt service bond = [bond face value (1+ bond coupon rate × bond effective years)-bond purchase price]/(bond purchase price× remaining maturity years) × 100%.
3. Calculation of discount bond yield to maturity yield to maturity = (bond face value-bond purchase price)/(bond purchase price × remaining period) × 100%.