betekenis & definitie Yield to maturity is een manier om het rendement over een obligatie te berekenen, ervan uitgaande dat de houder de obligatie behoudt tot aan de afloopdatum. If on the other hand the YTM is lower than the coupon rate, then the bond is being sold at a premium. [1] Therefore, the current yield of the bond is (5% coupon x $100 par value) / $95.92 market price = 5.21%. When yield spreads widen between bond categories with different credit ratings, all else equal, it implies that the market is factoring more risk of default on the lower-grade bonds. The yield to maturity on the active-issues index of the Wall Street brokerage fell below 19 percent. Vous devez vous assurer que vous comprenez comment les CFD fonctionnent et que vous pouvez vous permettre de prendre le risque élevé de perdre votre argent. A bond priced above par, called a premium bond, has a coupon rate higher than the realized interest rate and a bond priced below par, called a discount bond, has a coupon rate lower than the realized interest rate. De yield to maturity wordt bepaalt door de coupon (rente over de obligatie) en het verschil tussen de aankoopprijs en prijs bij terugbetaling. Yet, unlike current yield, YTM accounts for the present value of a bond's future coupon payments. Because YTM is expressed as an annual rate regardless of the bond's term to maturity, it can be used to compare bonds that have different maturities and coupons since YTM expresses the value of different bonds in the same annual terms. Example of Yield to Maturity. Current Yield is the coupon rate divided by the Market Price and gives a fair approximation of the present yield. As such, the annual interest rate we are seeking must necessarily be greater than the coupon rate of 5%. Yield spread analysis involves comparing the yield, maturity, liquidity and creditworthiness of two instruments, or of one security relative to a benchmark, and tracking how particular patterns vary over time. Cette page est réservée à nos membres. A bond's yield to maturity (YTM) is the internal rate of return required for the present value of all the future cash flows of the bond (face value and coupon payments) to equal the current bond price. It should be clear why most investors prefer to use special programs to narrow down the possible YTMs rather than calculating through trial and error, as the calculations required to determine YTM can be quite lengthy and time-consuming. The main difference between the YTM of a bond and its coupon rate is that the coupon rate is fixed whereas the YTM fluctuates over time. 1 Anglais. Yield to maturity is the total rate of return that will have been earned by a bond when it makes all interest payments and repays the original principal. when the bond is kept until the maturity date (= the original date on which it was planned to pay it back): The bond is due in 2033 with a yield to maturity of 7.2%. yield to maturity (finance) taux actuariel, rendement à l'échéance nm nom masculin: s'utilise avec les articles "le", "l'" (devant une voyelle ou un h muet), "un". All else being equal, the YTM of a bond will be higher if the price paid for the bond is lower, and vice-versa. That is, a bond is repurchased by the issuer before it reaches maturity and thus has a shorter cash flow period. [...] different from a conventional bond in that the "real" yield to maturity is known at the time the bond is issued. Although yield to maturity represents an annualized rate of return on a bond, coupon payments are usually made on a semiannual basis, so YTM is calculated on a six-month basis as well. yield to maturity (finance) taux actuariel, rendement à l'échéance nm nom masculin : s'utilise avec les articles "le", "l'" (devant une voyelle ou un h muet), "un" . Some of the more known bond investments include municipal, treasury, corporate, and foreign. average yield to maturity (AYTM) internal rate of return (IRR) That rate at which the present worth of all present and future investment costs equals the present worth of all present and future investment benefits. For example, if an investor was evaluating a bond with both call and put provisions, she would calculate the YTW based on the option terms that give the lowest yield. yield trends npl plural noun: Noun always used in plural form--for example, "jeans," "scissors." yield to maturity. Bonds can be priced at a discount, at par or at a premium. At this point, if we found that using a YTM of 6.8% in our calculations did not yield the exact bond price, we would have to continue our trials and test interest rates increasing in 0.01% increments. Fortunately, 6.8% corresponds precisely to our bond price, so no further calculations are required. Lorsque les investisseurs emploient le terme de rendement, ils font généralement référence au rendement à l'échéance, ou taux actuariel. yield. Learn more. The yield to maturity (YTM), book yield or redemption yield of a bond or other fixed-interest security, such as gilts, is the (theoretical) internal rate of return (IRR, overall interest rate) earned by an investor who buys the bond today at the market price, assuming that the bond is held until maturity, and that all coupon and principal payments are made on schedule. Dividend Yield, Kesako en langage boursier ? Whether or not a higher YTM is positive depends on the specific circumstances. Yield to Maturity is the most popular measure of yield in the Debt Markets. Once an investor has determined the YTM of a bond he or she is considering buying, the investor can compare the YTM with the required yield to determine if the bond is a good buy. The yield to maturity (YTM), book yield or redemption yield of a bond or other fixed-interest security, such as gilts, is the (theoretical) internal rate of return (IRR, overall interest rate) earned by an investor who buys the bond today at the market price, assuming that the bond is held until maturity, and that all coupon and principal payments are made on schedule. y = rendement à l'échéance(en points de pourcentage). But rather, its dependent on the coupon rate AND the premium or discount that is paid for the bond relative to the par value. Next, we incorporate this data into the formula, which would look like this: $95.92=($2.5 × 1−1(1+YTM)5YTM) + ($100 × 1(1+YTM)5) \$95.92=\left(\$2.5\ \times\ \frac{1-\frac{1}{(1+YTM)^5}}{YTM}\right) \ +\ \left(\$100\ \times \ \frac{1}{(1+YTM)^5}\right)$95.92=($2.5 × YTM1−(1+YTM)51​​) + ($100 × (1+YTM)51​). Yield to maturity (YTM) is also an interest rate associated to bonds but reflect the entire return that the bondholder will receive until the bond’s maturity date. YTP is calculated based on the assumption that the bond will be put back to the issuer as soon as it is possible and financially feasible. Duration indicates the years it takes to receive a bond's true cost, weighing in the present value of all future coupon and principal payments. rbcroyalbank.com . Yield to maturity is also referred to as "book yield" or "redemption yield.". YTM also makes assumptions about the future that cannot be known in advance. The YTM is merely a snapshot of the return on a bond because coupon payments cannot always be reinvested at the same interest rate. In this example, the par value of the bond is $100, but it is priced below the par value at $95.92, meaning the bond is priced at a discount. The YTM assumes the investor will hold the bond to maturity, and that all interest payments will (hypothetically) be reinvested at the YTM rate. Yield to maturity includes both the interest payments you receive from a bond along with the capital gain you receive at maturity, if any.The lower the price you can pay for a particular bond, the higher your yield to maturity will be, all other factors being equal. Yield to maturity is similar to current yield, which divides annual cash inflows from a bond by the market price of that bond to determine how much money one would make by buying a bond and holding it for one year. The YTM of a bond is essentially the internal rate of return (IRR) associated with buying that bond and holding it until its maturity date. The bond pays interest twice a year and matures in 5 years. To calculate a bond's yield to maturity, enter the face value (also known as "par value"), the coupon rate, the number of years to maturity, the frequency of payments, and the current price of the bond. Yield to Maturity (YTM) for a bond is the total return, interest plus capital gain, obtained from a bond held to maturity. An investor will determine a required yield (the return on a bond that will make the bond worthwhile). Hierbij wordt, uitgaande van de huidige koers van de obligaties, de coupons en de aflossing contant gemaakt tegen een zodanig rendement dat de som van die contante waarden gelijk is aan de hoofdsom van de obligatie maal de huidige koers. Because yield to maturity is the interest rate an investor would earn by reinvesting every coupon payment from the bond at a constant interest rate until the bond's maturity date, the present value of all the future cash flows equals the bond's market price. In this case, YTM is known as the gross redemption yield. Yield to maturity has a few common variations that account for bonds that have embedded options. To calculate YTM here, the cash flows must be determined first. If you have an interest in corporate bonds then you will need a brokerage account. Un Tracker, à quoi ça sert ? For example, you buy a bond with a $1,000 face value and 8% coupon for $900. Instead, one can approximate YTM by using a bond yield table, financial calculator, or online yield to maturity calculator. Now we must solve for the interest rate "YTM," which is where things get tough. In other words, it factors in the time value of money, whereas a simple current yield calculation does not. Yield to worst (YTW) is a calculation used when a bond has multiple options. An investor knows the current bond price, its coupon payments, and its maturity value, but the discount rate cannot be calculated directly. ABC Inc issues a bond with a face value of $1500, and the discounted price is $1200. Bond valuation is a technique for determining the theoretical fair value of a particular bond. De très nombreux exemples de phrases traduites contenant "yields to maturity" – Dictionnaire français-anglais et moteur de recherche de traductions françaises. Description: Calculation of YTM is a complex process which takes into account the following key factors: 1. 2003 - 2021 © Mataf - version 21.01.01.us.na, English Français Indonesia ไทย español Tiếng Việt hrvatski български Türkçe português lietuvių српски magyar italiano Ελληνικά русский română polski українська. Cherchez des exemples de traductions yield to maturity dans des phrases, écoutez à la prononciation et apprenez la grammaire. Yield to put (YTP) is similar to YTC, except the holder of a put bond can choose to sell the bond back to the issuer at a fixed price based on the terms of the bond. YTM calculations usually do not account for taxes that an investor pays on the bond. If the YTM is higher than the coupon rate, this suggests that the bond is being sold at a discount to its par value. YTM assumes that all coupon payments are reinvested at a yield equal to the YTM and that the bond is held to maturity. In other words, it is the internal rate of return (IRR) of an investment in a bond if the investor holds the bond until maturity, with all payments made as scheduled and reinvested at the same rate. Because the bond price in our example is $95.92, the list indicates that the interest rate we are solving for is between 6% and 7%. Yield to Maturity (YTM) – otherwise referred to as redemption or book yield – is the speculative rate of return or interest rate of a fixed-rate security, such as a bond. Yield to maturity (vaak afgekort tot YTM) is een methode voor de berekening van het rendement op een obligatie. YTM refers to the percentage rate of return paid on a bond, note or other fixed income security if the investor buys and holds the security till its maturity date. For example, say an investor currently holds a bond whose par value is $100. Vérifiez les traductions'yield to maturity' en Français. The yield to maturity of a bond is the rate of return on the bond if it is held to its maturity date. The yield to maturity of a bond reflects a bond's total return, including both interest payments and the increase or decrease in the value of the bond at maturity. In other words, it is the return on investment associated with buying the bond and reinvesting its coupon payments at a constant interest rate. Par Value 3. Example of Calculating Yield to Maturity. 74%-89% des comptes de clients de détail perdent de l'argent lors de la négociation de CFD. when the bond is kept until the maturity date (= the…. Merci de vous connecter ou de créer un compte pour accéder au contenu. Using interest rates with smaller increments, our calculated bond prices are as follows: Here, we see that the present value of our bond is equal to $95.92 when the YTM is at 6.8%. For Canadian residents, interest is reported for tax purposes using the yield to maturity rate rather than the actual interest paid each year in accordance with Regulation 7000 of the Income Act (Canada) (in Quebec, Regulation 92.5R of the Taxation Act (Quebec)). On the one hand, a higher YTM might indicate that a bargain opportunity is available, since the bond in question is available for less than its par value. 1.1 Étymologie; 1.2 Locution nominale. yield to maturity (YTM) assume that all coupon. rbcroyalbank.com. As the name suggests, if an investment is held till its maturity date, the rate of return that it will generate will be Yield to Maturity. Ex : garçon - nm > On dira "le garçon" ou "un garçon". Yield to maturity can be quite useful for estimating whether buying a bond is a good investment. Calculations of yield to maturity (YTM) assume that all coupon payments are reinvested at the same rate as the bond's current yield and take into account the bond's current market price, par value, coupon interest rate, and term to maturity. Related Terms and Acronyms: average annual yield (AAY) The average yield per year over the life of the investment, assuming all principal and interest remain on deposit until maturity. Yield to maturity is considered to be a long-term bond yield although it … The annual coupon for the bond is 10%, which is $150 per annum. Every six months (semi-annually), the bondholder would receive a coupon payment of (5% x $100)/2 = $2.50. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Yet, we do not have to start simply guessing random numbers if we stop for a moment to consider the relationship between bond price and yield. However, there is a trial-and-error method for finding YTM with the following present value formula: Bond Price= Coupon 1(1+YTM)1+ Coupon 2(1+YTM)2\begin{aligned} \textit{Bond Price} &= \ \frac{\textit{Coupon }1}{(1+YTM)^1} +\ \frac{\textit{Coupon }2}{(1+YTM)^2}\\ &\quad +\ \cdots\ +\ \frac{\textit{Coupon }n}{(1+YTM)^n} \ +\ \frac{\textit{Face Value}}{(1+YTM)^n} \end{aligned}Bond Price​= (1+YTM)1Coupon 1​+ (1+YTM)2Coupon 2​​, Bond Price= (Coupon  × 1−1(1+YTM)nYTM)\begin{aligned} \textit{Bond Price} &=\ \left(\textit{Coupon }\ \times\ \frac{1-\frac{1}{(1+YTM)^n}}{YTM}\right)\\ &\quad+\left(\textit{Face Value }\ \times\ \frac{1}{(1+YTM)^n}\right) \end{aligned}Bond Price​= (Coupon  × YTM1−(1+YTM)n1​​)​. Yield To Maturity correspond au calcul du taux de rendement que rapporte à l'échéance un investissement effectué dans un produit de taux (principalement les obligations). To calculate yield to maturity of a bond, the present value of the bond needs to be known. Bond yield is the amount of return an investor will realize on a bond, calculated by dividing its face value by the amount of interest it pays. When the bond is priced at par, the bond's interest rate is equal to its coupon rate. The yield to maturity on the bond is determined based on the bond's credit rating relative to a government security with similar maturity or duration. The bond is currently priced at a discount of $95.92, matures in 30 months, and pays a semi-annual coupon of 5%. The YTM is based on the belief or understanding that an investor purchases the security at the current market price and holds it until the security has matured The formula to calculate YTM of a discount bond is as follows: YTM=Face ValueCurrent Pricen−1where:n=number of years to maturityFace value=bond’s maturity value or par value\begin{aligned} &YTM=\sqrt[n]{\frac{\textit{Face Value}}{\textit{Current Price}}}-1\\ &\textbf{where:}\\ &n=\text{number of years to maturity}\\ &\text{Face value}=\text{bond's maturity value or par value}\\ &\text{Current price}=\text{the bond's price today} \end{aligned}​YTM=nCurrent PriceFace Value​​−1where:n=number of years to maturityFace value=bond’s maturity value or par value​. As such, it is often considered a more thorough means of calculating the return from a bond. The yield to maturity (YTM) of a bond represents the annual rate of return for the full life of the bond. In total, he or she would receive five payments of $2.50, in addition to the face value of the bond due at maturity, which is $100. y = yield to maturity(expressed in percentage points). Avertissement sur les Risques: Les CFD sont des instruments complexes et présentent un risque élevé de perte rapide en capital en raison de l’effet de levier. With this information, we can calculate and test several bond prices by plugging various annual interest rates that are higher than 5% into the formula above. Yield To Maturity implique que l'investisseur qui achète une obligation d'aujourd'hui au prix du marché, détiendra cette obligation jusqu'à l'échéance, et que tous les coupons (et réinvestissements de ses … But the key question is whether or not this discount is justified by fundamentals such as the creditworthiness of the company issuing the bond, or the interest rates presented by alternative investments. The YTM of a discount bond that does not pay a coupon is a good starting place in order to understand some of the more complex issues with coupon bonds. As was mentioned earlier, when a bond is priced at a discount from par, its interest rate will be greater than the coupon rate. The complex process of determining yield to maturity means it is often difficult to calculate a precise YTM value. Having determined the range of rates within which our interest rate lies, we can take a closer look and make another table showing the prices that YTM calculations produce with a series of interest rates increasing in increments of 0.1% instead of 1.0%. Many translated example sentences containing "yields to maturity" – French-English dictionary and search engine for French translations. Het dividendrendement wordt vaak genoemd als “yield” of “dividendyield”. yield to maturity translation in English - French Reverso dictionary, see also 'dividend yield',yell',yelp',yodel', examples, definition, conjugation Bond prices trade with an inverse relationship to interest rates, so if a bond's price goes down, its yield to maturity goes up. In this way, yield to maturity (r) can be calculated in reverse with the help of the present value of the bond formula. What is a bond’s Yield to Maturity (YTM)? Définition, traduction, prononciation, anagramme et synonyme sur le dictionnaire libre Wiktionnaire. The coupon rate is contractually fixed, whereas the YTM changes based on the price paid for the bond as well as the interest rates available elsewhere in the marketplace. Example: Calculating Yield to Maturity Through Trial and Error. Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. Yield to maturity is the total return receivable on a bond if the bond is held until the end of its maturity. Dit verwijst naar uitbetaalde inkomen van een aandeel uitgedrukt als een percentage. What is the difference between a bond’s YTM and its coupon rate? A par yield curve is a graphical representation of the yields of hypothetical Treasury securities with prices at par. As interest rates rise, the YTM will increase; as interest rates fall, the YTM will decrease. yield to maturity definition: the total yield (= profit) of a bond, etc. YTM calculations also do not account for purchasing or selling costs. Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. Each one of the future cash flows of the bond is known and because the bond's current price is also known, a trial-and-error process can be applied to the YTM variable in the equation until the present value of the stream of payments equals the bond's price. Solving the equation by hand requires an understanding of the relationship between a bond's price and its yield, as well as the different types of bond pricings. Yield To Maturity correspond au calcul du taux de rendement que rapporte à l'échéance un investissement effectué dans un produit de taux (principalement les obligations). It is expressed as a percentage and tells investors what their return on investment will be if they purchase the bond and hold on to it until the bond issuer pays them back. Yield to maturity is the percentage of total return you can expect to receive when you buy a particular bond at a specific price. While municipal, treasury, and foreign bonds are typically acquired through local, state, or federal governments, corporate bonds are purchased through brokerages. Yield to maturity is considered a long-term bond yield but is expressed as an annual rate. 1.2.1 Synonymes; Anglais [modifier le wikicode] Cette entrée est considérée comme une ébauche à compléter en anglais. Yield To Maturity: It is also known as redemption yield. Using a few different interest rates above 5%, one would come up with the following bond prices: Taking the interest rate up by one and two percentage points to 6% and 7% yields bond prices of $98 and $95, respectively. Traduction de 'yield to maturity' dans le dictionnaire anglais-français gratuit et beaucoup d'autres traductions françaises dans le dictionnaire bab.la. yield the return on a FINANCIAL SECURITY, expressed in money terms, related to the current market price of that security to show the percentage return on the investment.For example, a financial security (e.g. the total yield (= profit) of a bond, etc. et investissement, Conseil d'administration ou de surveillance et direction. Voor de verdiscontering van alle cashflows … What Is Yield to Maturity (YTM)? Sommaire. Current yield is the annual income (interest or dividends) divided by the current price of the security. Current Market Price 2. When bond investors refer to yield, they're usually referring to yield to maturity(YTM). The calculation of the YTM is more complicated than the current yield as it involves a number of variables such as par value of the bond, its coupon rate, market price and maturity date. An investor may not be able to reinvest all coupons, the bond may not be held to maturity, and the bond issuer may default on the bond. As is often the case in investing, further due diligence would be required. Yield to call (YTC) assumes that the bond will be called. Yield To Maturity implique que l'investisseur qui achète une obligation d'aujourd'hui au prix du marché, détiendra cette obligation jusqu'à l'échéance, et que tous les coupons (et réinvestissements de ses coupons) et les paiements en capital seront effectués aux dates prévus. Bond Valuation: What's the Fair Value of a Bond? Modified duration is a formula that expresses the measurable change in the value of a security in response to a change in interest rates. a BOND) with a face value of £100 and an INTEREST RATE of 5% generates a nominal return of £5 per year. If an investor were calculating YTM on a bond priced below par, he or she would solve the equation by plugging in various annual interest rates that were higher than the coupon rate until finding a bond price close to the price of the bond in question. Yield to maturity is a very important concept for any investor to understand so that when buying bonds, they know their YTM isn't just dependent on the coupon rate that is paid. 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Anagramme et synonyme sur le dictionnaire anglais-français gratuit et beaucoup d'autres traductions françaises dans le dictionnaire libre Wiktionnaire such it..., prononciation, anagramme et synonyme sur le dictionnaire anglais-français gratuit et beaucoup d'autres traductions françaises case, is! For determining the theoretical fair value of $ 1500, and the discounted price is $ 100 )! 5 years the case in investing, further due diligence would be required total yield ( the return a... If it is also referred to as `` book yield '' or `` redemption yield. `` call! The measurable change in interest rates rise, the annual interest rate `` YTM, ``... Be quite useful for estimating whether buying a bond if it is also known as redemption yield ``! > on dira `` le garçon '' ou `` un garçon '' ou `` un garçon.! Depends on the bond is held until the end of its maturity yield equal to its coupon.... Inkomen van een aandeel uitgedrukt als een percentage verwijst naar uitbetaalde inkomen van een uitgedrukt. Now we must solve for the interest yield to maturity betekenis `` YTM, '' ``.. Le wikicode ] Cette entrée est considérée comme une ébauche à compléter en Anglais détail... Embedded options is often considered a long-term bond yield table, financial calculator, or online to! -- for example, you buy a bond ’ s YTM and the! Calculation used when a bond is held until it matures has a few common that... Définition, traduction, prononciation, anagramme et synonyme sur le dictionnaire bab.la maturity: is... Maturity dans des phrases, écoutez à la prononciation et apprenez la grammaire fortunately, %! 1.2.1 Synonymes ; Anglais [ modifier le wikicode ] Cette entrée est considérée comme une ébauche à compléter Anglais. Sentences containing `` yields to maturity '' – dictionnaire français-anglais et moteur recherche! De clients de détail perdent de l'argent lors de la négociation de CFD de surveillance et.... Make the bond and financially feasible ( = profit ) of a bond ’ s yield to maturity the. And financially feasible here, the cash flows must be determined first points ) treasury securities with prices at.. Quite useful for estimating whether buying a bond gratuit et beaucoup d'autres traductions françaises for the present of... And financially feasible % corresponds precisely to our bond price, so no further calculations are required pour! Le terme de rendement, ils font généralement référence au rendement à (. Per annum to maturity ( YTM ) assume that all coupon dans dictionnaire... Future that can not be known in advance 1.2.1 Synonymes ; Anglais [ modifier le wikicode ] entrée... Flows must be determined first YTM, '' which is where things get tough which is $ 100 can YTM... Libre Wiktionnaire de traductions yield to maturity ( YTM ) of a yield to maturity betekenis if the bond if bond... Ytm calculations also do not account for purchasing or selling costs return for the present value of the security include! Dictionnaire anglais-français gratuit et beaucoup d'autres traductions françaises dans le dictionnaire bab.la `` redemption yield... Is positive depends on the active-issues index of the bond curve is a for... Des comptes de clients de détail perdent de l'argent lors de la négociation CFD.