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Par yield
Par yield (or par rate) denotes in finance, the coupon rate for which the price of a bond is equal to its nominal value (or par value).〔( G. Questa: Fixed income analysis for the global financial market Chapter 7 Section 4; )〕 It is used in the design of fixed interest securities and in constructing interest rate swaps. The par yield ''c'' for a n-year maturity fixed bond satisfies the following equation〔Martellini, Priaulet, Priaulet: Fixed-income securities, Wiley Finance, 2003〕
This can be more succinctly expressed with the prices of zero coupon bonds:
Here denotes the yield (on annual interest rate basis) of an -year zero-coupon bond, and denotes the price of an -year ZCB. ==See also==
抄文引用元・出典: フリー百科事典『 ウィキペディア(Wikipedia)』 ■ウィキペディアで「Par yield」の詳細全文を読む
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