"Fixed Income":current yield

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Questions 1:

The current yield for a 4.5% coupon, 10-year bond, with a maturity par value of $100 and currently priced at $85.70 is closest to:

A 、4.50%.

B 、5.93%.

C 、5.25%.

Questions 2:

Assume the yields to maturity on four-year and five-year zero-coupon bonds are 4.67% and 5.35%, respectively, stated on a semiannual bond basis. The “4y1y” implied forward rate is closest to:

A 、8.092%.

B 、8.114%.

C、 4.046%

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. Current yield is calculated as ($4.5/$85.70) = 5.25%.

A is incorrect because it is the coupon of the bond.

B is incorrect because it is calculated as follows:

100 – 85.70 = 14.30

14.30/10 = 1.43.

4.5 + 1.43 = 5.93

【Answer to question 2】A

【analysis】

A is correct. By applying inputs to the formula for a forward rate calculation,

Fixed Income:current yield

Applying a factor of 2 annualizes for a periodicity of 2, for a forward rate of 8.092%. B is incorrect because it uses the following formula without considering the semiannual bond basis:

Fixed Income:current yield