As published in Cuffelinks on 8 December 2016
Bonds are usually a very simple investment. In their most common form you lend your funds to a company or a government, and in return they pay you interest on set dates and return capital at maturity. But some bonds and hybrids have call dates which can add a level of complexity when quoting a yield
There are four different ways to quote a yield:
- Yield to maturity
- Running yield
- Yield to call
- Yield to worst
Yield to maturity is a total return calculation used by investors that plan to hold bonds until maturity, while running yield projects income for the coming year. However, yield to maturity may not always provide the best insight into the expected return of a bond, especially if there is a call date or multiple call dates.
A call date gives the bond issuer the option to repay the investor but it is not an obligation. As some bonds have many call dates, there can be a range of yield to calls, which makes yield to worst the most important measure for investors.
It’s important to understand the yield to worst for callable bonds is the lowest possible return for that bond, but there is upside potential if the company chooses not to repay at this date. Yield to worst may be substantially different to yield to maturity or yield to call. Further, as the price of bonds change, so too does the yield to worst calculation.
Note: There is a brief glossary at the end of this article.
Four yields
1. Yield to maturity (YTM)
The yield to maturity refers to how much a security will earn if it is held to its maturity date.
It is the annualised return based on all interest payments plus face value or the market price, if it was purchased on the secondary market. Most bonds are issued with a face value of $100, but as they are tradable investments, the price will move up and down depending on a number of factors.
Yield to maturity includes any capital gain or loss if the purchase price was below or above the face value. For this reason, the yield to maturity is considered the most important measure for bullet bonds or those with a hard maturity date and no call dates, as it provides a way to compare other securities. In this case, yield to maturity is the same as yield to worst.
For example, the Qantas June 2021 fixed rate bond was issued at a yield of 7.5%, and is currently offered at a premium to face value price of $114.05. If we calculate yield to maturity we find it is 4.07% compared to the coupon rate of 7.5%. This means that the effective return over the life of the security, if bought today, would be 4.07% taking into account the current premium price of the security.
Note that the calculation makes the assumption that all coupon (interest) payments can be reinvested at the yield to maturity rate.
2. Running Yield (RY)
Another measure to compare the return of bonds is the running yield. Running yield uses the current price of a bond instead of its face value, and represents the income an investor would expect if they purchased a bond and held it for a year. It is calculated by dividing the coupon by the market price as shown below.
![running yield running yield](https://thewire.blob.core.windows.net/web/images/default-source/default-album/running-yield.png?sfvrsn=eebb75a_0)
For example, if you purchase the same Qantas bond as shown above for the current market price – also known as the capital price – of $114.05 and this bond pays a coupon of 7.5% on the face value ($100), you will receive a cashflow of $7.5 a year. Given this return is achieved at a premium to face value of $114.05, instead of $100 face value, your actual return will be less than 7.5%.
Using the equation above, your running yield would be 6.57% - (7.5/114.05 x 100 = 6.57).
As the bond price increases, running yield decreases, and as the bond price decreases the running yield would increase.
It is important to note that running yield does not incorporate any capital gains or losses. As such, institutional investors do not view this as a particular useful way to analyse bonds.
3. Yield to call (YTC)
Many bonds are callable at the option of the company before the final maturity date. That is, the bonds can be repaid early. For example, subordinated bonds issued by banks and other financial institutions often have call dates, which may be five, ten, twenty or more years until final maturity.
The company has the option but not the obligation to repay at the call date. With some bonds, the call dates continue after the first call date and are every interest payment date thereafter until maturity. With others, there may be only an annual opportunity.
If a particular bond’s price rises to be above par and is at a premium, then the chances of an early call will increase. Theoretically, the company can then issue new bonds at a lower interest rate.
Investors trying to work out the possible returns on callable bonds need to assess the range of returns available, including various yields to call and the yield to maturity to get a sense of what is possible.
For example, property developer Sunland has issued a fixed rate bond due to mature on 25 November 2020. It is currently trading at a premium of $102.50, so that yield to maturity is 6.82% per annum. But is has two call dates – see the table below.
![](data:image/png;base64,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)
In this case yield to maturity is the same as yield to worst (see below), both offer the lowest return of 6.82% per annum.
What is key is that as the price of the traded bond changes, so too do the yields. If the purchase price of the bond increased from $102.50 to $106, then the yields would change as shown below. The lowest possible return is no longer yield to maturity but rather yield to first call.
![](data:image/png;base64,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)
4. Yield to worst (YTW)
Yield to worst tells you what the lowest yield would be, if the company decides to call your bond at the worst possible time, or if it chooses not to call your bond – which means you get a lower yield than if they had called it.
We view this as the superior way of measuring yields, as bonds are there to offer investors downside protection. As such, the YTW is the lowest yield that an investor can expect if the company or government does not default.
Yield to worst could be the same as yield to call if the first call is the worst outcome for you; it could be the same as yield to maturity if you are worst off when the company chooses not to call at all; or it could be lower than both of them where you are worst off if the company calls on the second or subsequent call date.
The yield to worst for an investor purchasing the USD Broadspectrum fixed rate bond at its current offer price of $106.25 is that the company calls the bond at the first possible opportunity. This measure lets an investor know the lowest possible return – but there is an opportunity for upside if the company does not repay at the expected first call date. The best return is 6.33% per annum at maturity, but it’s likely the company will repay early and refinance in a cheaper market.
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)
Bond investing can be relatively simple when held to maturity, no calls are involved and there’s no credit default, but it’s important for any investor to know which yield is being quoted whenever they buy or sell a bond.
This article was originally published in Cuffelinks and can be viewed here.
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Glossary
Call date
The date prior to maturity, that a callable bond may be redeemed by the issuer. If the issuer determines there is a benefit to refinancing the issue, the bond may be redeemed on the call date at par, or at a small premium to par depending on the terms of the call option.
Coupon
The coupon is the rate of interest paid on a bond. Coupons can be paid annually, semi-annually or quarterly or as agreed in the terms of the security. The coupon rate can be fixed or floating for the term of the security. If it is a floating rate then it is likely that it will be linked to a benchmark such as the 90 day bank bill rate.
The coupon rate is set by the issuer based on a number of factors, including prevailing market interest rates and its credit rating. Fixed rate bonds in Australia predominantly pay a semi-annual coupon whereas floating rate bonds predominantly pay a quarterly coupon. Indexed linked bonds usually pay quarterly coupons.
For example, a $500,000 bond with a fixed rate semi-annual coupon of 8% will pay two $20,000 coupons each year.
Discount to face value
Bonds may trade at a discount to face value in secondary markets where coupon, demand and market perception of the entity influence the price of secondary trades. Bonds usually have a face value of $100. If a bond is acquired at a discount price, say of $75, then the bondholder will make a capital gain of $25 assuming the company makes a full repayment of $100 face value at maturity.
Premium
A bond's value in the secondary market can be greater than its face value. The bond is then deemed to be selling at a premium. This will occur if the coupon is higher than the yield of a fixed income security.