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1. Ange Face Value (kr)
2. Ange Annual Coupon Rate (%)
3. Ange Current Market Price (kr)
4. Ange Years to Maturity
5. Klicka på knappen Beräkna
6. Läs av resultatet som visas under kalkylatorn

Understanding Bond Yields and How They're Calculated

A bond is a debt instrument—when you buy a bond, you're lending money to a government or corporation. In return, the issuer promises to pay periodic interest (coupon payments) and return the face value (principal) at maturity. The relationship between a bond's price and its yield is inversely proportional: when prices rise, yields fall, and vice versa.

Our calculator computes three yield metrics. Current yield = Annual Coupon / Market Price × 100. It measures the annual cash return relative to the current price. Yield to Maturity (YTM) approximates the total annualized return if you hold the bond to maturity, accounting for price premium or discount relative to face value. YTM is the most comprehensive yield measure and is used for most bond comparisons.

The approximate YTM formula used here is: YTM ≈ (Annual Coupon + (Face Value − Market Price) / Years to Maturity) / ((Face Value + Market Price) / 2). This is an approximation (the precise YTM requires iterative calculation), but is accurate within a few basis points for most bonds and is widely used in practice for quick analysis.

Why Bond Prices Move: The Rate-Price Relationship

The most important concept in bond investing is the inverse relationship between interest rates and bond prices. When market interest rates rise, existing bonds paying lower rates become less attractive, so their prices fall to offer a competitive yield. When rates fall, existing high-rate bonds become more valuable, and prices rise.

Duration quantifies this sensitivity: a bond with a duration of 8 years will decline approximately 8% in price for a 1% rise in interest rates. Long-maturity bonds have higher duration and are more sensitive to rate changes. This is why Federal Reserve interest rate decisions have dramatic effects on bond markets—even a 0.25% rate change can move long-duration bond prices by 2–4%.

This rate risk is why holding bonds to maturity eliminates price risk—you receive exactly the promised coupon payments and face value regardless of what rates do in between. Price risk only matters if you need to sell before maturity. The 2022 bond market selloff (the worst in decades) devastated long-duration bond funds when rates rose sharply from near-zero, but investors who held individual bonds to maturity received every promised payment.

Bond Types and Their Risk/Return Profiles

Treasury bonds (T-bonds): Issued by the US federal government. Considered the risk-free benchmark. Available in terms from 2 to 30 years. Interest exempt from state and local taxes. Currently yielding 4–5% (2024). The safest possible dollar-denominated investment. Treasury Inflation-Protected Securities (TIPS): Principal adjusts with CPI inflation. Provide inflation protection but typically yield less than nominal Treasuries. Ideal for long-term holders concerned about inflation.

Municipal bonds (munis): Issued by state and local governments. Interest is generally exempt from federal tax and often state tax for residents. Tax-equivalent yield can make munis attractive for high-income investors. Quality varies significantly by issuer. Corporate bonds: Issued by companies. Higher yields than Treasuries to compensate for default risk. Investment-grade bonds (BBB and above) have low default rates; high-yield ('junk') bonds (below BBB) pay much higher yields but carry significant default risk.

I-Bonds (Series I Savings Bonds): Government savings bonds with yields tied to inflation. Cannot be sold in the secondary market—only redeemed directly with the Treasury. Annual purchase limit of kr105,000. Have been extremely attractive in high-inflation environments (paying 9.62% in late 2022). Require holding at least 1 year; penalties for redemption before 5 years.