Bond Current Yield Calculator
Compute a bond's current yield — the annual coupon divided by the 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, expressed as a percentage: current yield = (face value x coupon rate / price) x 100% = annual coupon / price. Example: face value HK$100, coupon 3%, price HK$95 gives an annual coupon of HK$3 and a current yield of 3/95 = 3.16%. 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 × 票息率。
當期收益率 = 年票息 ÷ 債券現價 × 100%。
$$\text{Annual Coupon} = \text{Face} \times \text{Coupon Rate}$$$$\text{Current Yield} = \dfrac{\text{Annual Coupon}}{\text{Price}} \times 100\%$$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, compare with yield to maturity or use the bond price calculator.
面值 HK$1,000、票息率 5% (年派 HK$50) 下，不同買入價對應的當期收益率
| 買入價 (HK$) | 與面值關係 | 當期收益率 | 解讀 |
|---|---|---|---|
| 900 | 折價 | 5.5556% | 折價買入，收益率 > 票息率 |
| 950 | 折價 | 5.2632% | 折價買入，收益率 > 票息率 |
| 1,000 | 平價 | 5.0000% | 平價買入，收益率 = 票息率 |
| 1,050 | 溢價 | 4.7619% | 溢價買入，收益率 < 票息率 |
| 1,100 | 溢價 | 4.5455% | 溢價買入，收益率 < 票息率 |
年票息固定為 HK$50 (= 1,000 × 5%)。買入價越低，同樣票息換算的當期收益率越高;買入價越高則越低。當期收益率與買入價成反比。
理財情境案例
案例一：折價買入的當期收益率
投資者以 HK$950 買入一張面值 HK$1,000、票息率 5% 的公司債券。
年票息 = 1,000 × 5% = HK$50;當期收益率 = 50 ÷ 950 × 100% ≈ 5.2632%。
由於以折價 (低於面值) 買入，當期收益率 5.26% 高於票面的 5%。這代表若只看每年派息，用 HK$950 的成本買到 HK$50 的年票息，回報率比按面值買入更高。但這還未計入:若持有到期，還能以 HK$1,000 贖回、賺取 HK$50 的資本利得 —— 因此該債券的到期收益率 (YTM) 會比 5.26% 更高。
案例二：溢價買入的當期收益率
另一位投資者以 HK$1,080 買入面值 HK$1,000、票息率 6% (年派 HK$60) 的債券。
當期收益率 = 60 ÷ 1,080 × 100% ≈ 5.5556%。
以溢價 (高於面值) 買入，當期收益率 5.56% 低於票面的 6%。而且若持有到期，只能取回 HK$1,000，相對 HK$1,080 的成本會有 HK$80 資本損失 —— 因此該債券的真實 YTM 會低於當期收益率。這說明比較債券時不能只看票息率或當期收益率，溢價債券要特別留意到期時的本金損失。
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 actually 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 you pay. If you buy below par, the current yield is higher than the coupon rate; if above par, it is 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. Use it for 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。當期收益率採『年票息 ÷ 現價 × 100%』之通用債券計量算法;債券投資風險與市場資訊參考香港金融管理局 (HKMA) 及投資者及理財教育委員會 (IFEC)。結果僅供教學與比較，實際報價與收益以券商及發行條款為準。