郭同学2020-08-03 09:37:25
郭同学老师，annual coupon 到底包不包括Reinvestment income呀？current yield公式不也是annual coupon嘛？这里又说annual coupon包括RI
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Chris Lan2020-08-03 10:29:34
Chris Lan同学你好
annual coupon是包含coupon和conpon再投资两部分的。
下面这个公式说的是当reinvement income=0的时候，也就是只有coupon的时候相当于current yield，只是有个前提条件，即再投资收益为0的时候。
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之前学的current yield分子也是annual coupon payment呀，包不包括Coupon RI呢？
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同学你好
在一级中我们学的Current yield=annual coupon/price，这里面是不包含再投资回报的。下面是一级原版书的例子，他是半年一付coupon，计算的时候没考虑再投资。
Another yield measure that is commonly quoted for fixed-income bonds is the current yield, also called the income or running yield. The current yield is the sum of the coupon payments received over the year divided by the flat price. For example, a 10-year, 2% semiannual coupon payment bond is priced at 95 per 100 of par value. Its current yield is 2.105%.
2/95=2.105%
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但在三级中，yield income是这么定义的。
Yield income is the income that an investor receives from coupon payments relative to the bond’s price as well as interest on reinvestment income. Assuming there is no reinvestment income, yield income equals a bond’s annual current yield.
Yield income (or Current yield) = Annual coupon payment/Current bond price
所以没有再投资回报的时候yield income就等于current yield
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