Bond Price Calculator
Prices a bond from its coupon and the yield the market demands.
Bond price
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Current yield — %
Trading at —
Each coupon —
Reading this —
The formula
price = Σ coupon ÷ (1 + y)^t + face ÷ (1 + y)^n
A bond is its coupons plus the final repayment, all discounted at the market yield, with y the yearly yield ÷ coupons per year. When yields rise, prices fall.
What to watch out for
This is the clean price at a coupon date, so the years to maturity count to the nearest coupon. Accrued interest between coupons is not included.
Frequently Asked Questions
Why do bond prices fall when yields rise?
The coupons are fixed, so the price has to drop to offer the higher yield. A 5% 10-year bond at a 6% yield is worth 925.61 per 1,000.