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Disclaimer
This calculator provides estimates for informational purposes only and does not constitute financial, medical, legal, or tax advice. Always consult a qualified professional about your specific situation.
How This Calculator Works
A bond’s fair price is the present value of everything it will pay you: every coupon
payment along the way, plus the face value repaid at maturity, all discounted at the current
market yield. Enter the bond’s face value, coupon rate, the market yield, and years to
maturity, and this calculator finds its price.
A bond’s price moves opposite to market yields. When yields rise above the bond’s own coupon
rate, the bond becomes less attractive than newly-issued bonds paying the higher rate, so it
trades at a discount (below face value). When yields fall below the coupon rate, the bond
trades at a premium (above face value). When they’re equal, the bond trades at exactly its
face value — at par.
The Formula
Price=Present value of every coupon payment+Present value of the face value at maturity
Each coupon payment and the final face value are discounted back to today using the market
yield, the same present-value logic behind the
Present Value Calculator.
Worked Example
A $1,000 face value bond with a 5% annual coupon (paid semiannually), 10 years to
maturity, and a current market yield of 6%:
Each semiannual coupon payment: $1,000 × 5% ÷ 2 = $25, paid over 20 periods.
Present value of all 20 coupon payments, discounted at 3% per period: ≈ $371.94.
Present value of the $1,000 face value, discounted 20 periods: ≈ $553.68.
Bond price: $371.94 + $553.68 ≈ $925.61 — trading at a discount, since the 6% market
yield exceeds the bond’s own 5% coupon rate.
Cómo funciona esta calculadora
El precio justo de un bono es el valor presente de todo lo que te pagará: cada pago de cupón a
lo largo del camino, más el valor nominal reembolsado al vencimiento, todo descontado a la tasa de
rendimiento actual del mercado. Ingresa el valor nominal del bono, la tasa de cupón, el
rendimiento del mercado y los años hasta el vencimiento, y esta calculadora determina su precio.
El precio de un bono se mueve en dirección opuesta a los rendimientos del mercado. Cuando los
rendimientos suben por encima de la propia tasa de cupón del bono, este se vuelve menos atractivo
que los bonos recién emitidos que pagan la tasa más alta, por lo que se negocia con descuento
(por debajo del valor nominal). Cuando los rendimientos caen por debajo de la tasa de cupón, el
bono se negocia con prima (por encima del valor nominal). Cuando son iguales, el bono se
negocia exactamente a su valor nominal — a la par.
La fórmula
Precio=Valor presente de cada pago de cupoˊn+Valor presente del valor nominal al vencimiento
Cada pago de cupón y el valor nominal final se descuentan hasta el día de hoy usando el rendimiento
del mercado, la misma lógica de valor presente detrás de la
Calculadora de Valor Presente.
Ejemplo resuelto
Un bono con un valor nominal de $1,000, un cupón anual del 5% (pagado semestralmente),
10 años hasta el vencimiento, y un rendimiento actual del mercado del 6%:
Cada pago de cupón semestral: $1,000 × 5% ÷ 2 = $25, pagado durante 20 periodos.
Valor presente de los 20 pagos de cupón, descontados al 3% por periodo: ≈ $371.94.
Valor presente del valor nominal de $1,000, descontado 20 periodos: ≈ $553.68.
Precio del bono: $371.94 + $553.68 ≈ $925.61 — negociándose con descuento, ya que el
rendimiento del mercado del 6% supera la propia tasa de cupón del bono del 5%.
Why does a bond's price move opposite to interest rates?
A bond's coupon rate is fixed when it's issued. If market yields rise above that fixed rate, new bonds pay more, making the older bond less attractive unless its price drops to compensate — so it trades at a discount. If market yields fall below the coupon rate, the older bond's fixed payments look more attractive, so it trades at a premium.
What is a coupon payment?
The periodic interest payment a bond pays its holder, calculated as the face value times the coupon rate, divided by how many times per year it pays (semiannually is the standard for U.S. Treasury and most corporate bonds). It's called a "coupon" from the historical practice of physically clipping a paper coupon off a bond certificate to redeem each payment.
What happens at maturity?
At maturity, the bond issuer repays the full face value (also called par value) to the bondholder, in addition to the final coupon payment. This calculator's price already accounts for that final repayment, discounted back to today.
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