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- 2011-7-11
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- 2013-8-21
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Because YTM assume that each cash flow is discounted at the yield. In this scenario YTM is 4% since bond is trading at par
i.e.
=20/1.02+20/1.02^2+1020/1.02^3
But spot rates are different. For 6 month you have 2.8% and for 1 year you have 3.2%. So the spot rate for 1.5 year will be different. |
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发表于 2011-7-13 16:05
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