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。
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 necessarily complicated 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.
