Price and yield on any date

The day the trade actually settles and the bond lands in your account. Accrued interest, the amount payable and the yield are all computed as of this date. Usually it is today or the next business day.

Yield to maturity (YTM) — the effective annual rate at which the present value of all future payments equals the amount payable including accrued interest. The equation is solved numerically on the actual payment dates from the NBU reference book, on a 365-day basis.

If all remaining payments fall on a single date — a discount bill, or a coupon bond already inside its last coupon period — the calculator switches to simple yield (SIM) by market convention: (payment ÷ dirty price − 1) × 365 ÷ days to maturity. Compounding is not applied because there is nothing left to reinvest. In that case the label changes from “Yield to maturity (YTM)” to “… (SIM)”. The same logic works in reverse — when the price is computed from a yield — and when valuing a sale before maturity.

The actual annual return shown next to it is even simpler: total income divided by the amount invested and by the term.

Yield to maturity (YTM) is the bond's own rate. It shows the rate your money effectively earns if you buy the bond at the current price and hold it to maturity. It is computed as an effective annual rate and assumes every coupon you receive is immediately reinvested at the same rate until maturity. YTM does not depend on how much you invest, which is why issues are compared by it.

Actual annual return is the result on your specific money. We take the whole profit — coupons plus the difference between the exit amount and the purchase amount — and divide it by the amount actually invested and by the holding period. No compounding is applied and no reinvestment is assumed: coupons simply arrive in your account.

That is why the actual return is almost always below YTM, for two reasons. First, no reinvestment: in YTM the coupons keep working, in the actual return they sit idle. Second, whole bonds: your amount buys as many bonds as fit, and the leftover cash does not work. The smaller the amount and the pricier one bond, the larger the gap. If you chose a sale before maturity, the actual return also depends on the sale price and can end up either below or above YTM.

For individuals — 0%. Neither coupon income nor the difference between the purchase price and the nominal is taxed. For legal entities the income is included in the corporate income tax base.