Future on Treasuries v Forwards on Bonds

lunarfollies

There are 2 formulas
Forward on Bonds = [ Spot - PV (coupons) ] * (1+rf)^t

Futures on Treasuries = Spot (1 + rf)^ - Future value of coupons

One is using FV and other using PV, are they both same?

bolligerallstar

just did an example, turns out to be the same. wow.
my brain is really slow and is going to explode!!