How to Calculate Treasury Bond Yield
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YTM for a semi-annual coupon Treasury is a standard IRR. Bills use discount and investment-yield conventions.
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How to Calculate Treasury Bond Yield — the mechanics
Plug remaining coupons, par, and dirty price into a YTM solver (our calculator does this). For bills, convert the discount to an annualised investment yield if you want to compare with a savings account.
YTM equates dirty price to remaining semi-annual coupons plus par, with Treasury day-count. Street calculators and our teaching calculator will differ by small amounts. Trade off the broker yield.
Bill yields use discount or investment-rate quotes — not the same formula as a 10-year note. Do not paste a bill price into a coupon YTM solver.
Street convention for US notes is semi-annual. Annual compounding from a European screen will look higher. Name the convention.
Official sources (US Treasuries)
Primary statistics and prospectuses for US Treasuries are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Vigtige pointer
- YTM equates dirty price to remaining semi-annual coupons plus par, with Treasury day-count.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
FAQ
- Why doesn’t coupon ÷ price equal YTM?
- Because you also pull to par at maturity, and coupons are semi-annual. YTM compounds that path.