Bond Calculator
Calculate bond prices, yields, duration, and accrued interest
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Bond Pricing Concepts
Bond Price
The present value of all future cash flows (coupon payments and principal repayment) discounted at the market interest rate. Bonds trade at premium when coupon rate > market rate, and at discount when coupon rate < market rate.
Yield to Maturity (YTM)
The total return anticipated if the bond is held until maturity, considering all coupon payments and the difference between purchase price and par value. YTM is the most commonly used yield measure.
Duration
A measure of a bond's price sensitivity to interest rate changes. Higher duration means greater price volatility. Duration is approximately equal to the percentage change in price for a 1% change in yield.
Accrued Interest
The interest that has accumulated on a bond since the last coupon payment date. When bonds are traded between coupon payment dates, the buyer compensates the seller for accrued interest.