到期收益率的中文解释
英文Yield To Maturity的缩写,是比较债券投资时需考虑的关键指标。投资人按当前市价买进债券,如期收到全部利息和赎回本金,并一直持有至债券到期可获得的回报率即是到期收益率。将债券未来的现金流以到期收益率折现为现值,会等于债券的市价。到期收益率的计算内含一个假设,即到期前收到的全部利息均按到期收益率再投资。
YTM的英文解释
Yield To Maturity. YTM is the rate of return expected on a bond if it is held until
maturity and is a key
consideration when comparing bond investments. It is calculated by
taking into
account its coupon, current market price and time to maturity. The yield to maturity, expressed as an annualized rate of return, assumes all coupons from the bonds will be reinvested at the same rate. The
calculation is
necessarilycomplicated but can be done rapidly by software to allow the market to
instantly compare the yield to
maturity of various instruments. The
principal repayment due on maturity, plus the present inflation-adjusted value of all future coupon payments should, in theory, equal the current market price of a bond.