YTM is almost always quoted in terms of bond-equivalent yield. This reflects the fact that bond interest payments are normally made twice a year at half the coupon rate. The ... [full story]
The reason that YTM applies exactly to a zero coupon bond is that there is no interest to be reinvested. The entire return comes from the difference between the purchase ... [full story]
In practice it is virtually impossible to reinvest the interest payments at exactly the YTM rate. Usually the payments are accumulated in an account at a lower interest rate before ... [full story]
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