Bond Current Yield Calculator
Compute a bond's current yield from its face value, coupon rate and current market price.
輸入資料
計算結果
重點速覽：Current yield is the annual coupon divided by the current market price: current yield = (face value x coupon rate / market price) x 100% = annual coupon / market price. Example: face value HK$100, coupon 5%, market price HK$98 gives an annual coupon of HK$5 and a current yield of 5/98 = 5.10%. WARNING: Current yield ignores the gain or loss to maturity (YTM), the time value of money and reinvestment risk; it assumes annual payment. Bond prices and yields move inversely.
計算公式
年票息 = 面值 × 票面利率。
現時殖利率 = 年票息 ÷ 市場價格 × 100%。
$$\text{現時殖利率} = \dfrac{\text{面值} \times \text{票面利率}}{\text{市場價格}} \times 100\%$$使用說明
- Enter the bond's face value, coupon rate and current market price.
- View the annual coupon and the current yield.
- For a fuller picture, use yield to maturity or the bond price calculator.
以面值 1,000、票面利率 5% (年票息固定 50) 為例，不同市場價格下的現時殖利率。
| 市場價格 | 買入狀態 | 現時殖利率 |
|---|---|---|
| 900 | 折價 | 5.5556% |
| 950 | 折價 | 5.2632% |
| 1,000 | 平價 | 5.0000% |
| 1,050 | 溢價 | 4.7619% |
| 1,100 | 溢價 | 4.5455% |
理財情境案例
案例一：折價與溢價買入的殖利率差異
一張面值 HK$1,000、票面利率 5% 的債券，年票息固定 = 1,000 ×5% = HK$50，無論市價如何都不變。
折價買入 —— 市場利率上升令債價下跌，你以 HK$920 買入：現時殖利率 = 50 ÷ 920 × 100% = 5.4348%，高於票面利率 5%。
溢價買入 —— 市場利率下降令債價上升，你以 HK$1,080 買入：現時殖利率 = 50 ÷ 1,080 × 100% = 4.6296%，低於票面利率 5%。
同一張債券，因買入價位不同，票息收益率就由 5.43% 到 4.63% 相差近 0.8 個百分點。這說明買入價位直接決定你的票息收益率，而折價／溢價的判斷只需看市價與面值 (1,000) 的高低。
案例二：以現時殖利率比較兩張債券的票息回報
投資者在市場上看到兩張面值同為 HK$1,000 的債券，市價都約 HK$980，但票面利率不同。
債券甲票面利率 3%，年票息 = 1,000 ×3% = HK$30，現時殖利率 = 30 ÷ 980 × 100% = 3.0612%；債券乙票面利率 6%，年票息 = HK$60，現時殖利率 = 60 ÷ 980 × 100% = 6.1224%。
在市價相近下，債券乙的現時殖利率 (約 6.12%) 是債券甲 (約 3.06%) 的兩倍，單看票息收益乙明顯較高。不過要提醒：現時殖利率只反映票息回報，未計到期回本的資本利得／損失與信用風險 —— 高票息債券往往伴隨較高的發行人違約風險。因此比較債券時，除了現時殖利率，還應同時考量到期殖利率 (YTM)、信用評級與到期年期，本計算器結果僅供參考。
常見問題
What is current yield?
Current yield is the annual coupon divided by the current market price. It shows the annual return from coupons relative to what you pay today, without considering capital gain or loss to maturity.
Why does current yield differ from the coupon rate?
The coupon rate is based on face value, but current yield is based on the market price paid. Buying below par makes the current yield higher than the coupon rate; buying above par makes it lower.
Does current yield equal the total return?
No. It ignores any capital gain or loss if held to maturity (captured by yield to maturity), the time value of money and reinvestment risk. It is a quick coupon-to-price comparison only.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。