{"id":1542,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1542"},"modified":"2026-03-27T14:14:50","modified_gmt":"2026-03-27T14:14:50","slug":"cost-debt-capital","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/cost-debt-capital\/","title":{"rendered":"Cost of Debt Capital"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which statement accurately defines yield-to-maturity?\",\n    \"text\": \"Which of the following statements gives an accurate definition of yield-to-maturity?\\n\\nA. The yield-to-maturity of a bond is the semi-annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity.\\n\\nB. The yield-to-maturity of a bond is the annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity.\\n\\nC. The yield-to-maturity of a bond is the return that an investor earns on a bond if they purchase the bond and sell it one year prior to maturity.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The yield-to-maturity of a bond is the annual return an investor earns if the bond is purchased today and held until maturity. It assumes that all coupon payments are reinvested at the same rate and that the bond is not sold before maturity.\"\n    }\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital (2025 Level I CFA\u00ae Exam \u2013 Corporate Issuers \u2013 Module 7)\",\n  \"description\": \"This video lesson covers the cost of capital for the 2025 CFA\u00ae Level I exam. It explains how to calculate and interpret the weighted average cost of capital (WACC), cost of debt and equity, capital structure targets, project risk adjustments, and flotation costs using models like CAPM, DDM, and bond yield plus risk premium.\",\n  \"uploadDate\": \"2018-10-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/I_SgGrDv1YM\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=I_SgGrDv1YM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\",\n  \"duration\": \"PT33M52S\"\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM?si=nLLlVEKb-dYssOnw\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n\n<p>The cost of debt is the cost of financing a debt whenever a company incurs a debt by either issuing a bond or taking&nbsp; a bank loan. Two methods for estimating the before-tax cost of debt are the yield-to-maturity approach and the debt-rating approach.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Yield-to-Maturity Approach<\/strong><\/h2>\n\n\n\n<p>The yield-to-maturity of a bond is the annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity. It is the yield that equates the present value of the bond\u2019s promised payments to its market price.<\/p>\n\n\n\n<div style=\"text-align:center; background:#f3f5f9; padding:20px 16px; margin:24px 0;\">\n  <div style=\"max-width:760px; margin:0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display:inline-flex; align-items:center; justify-content:center; width:100%; padding:12px 32px; border:2px solid #2f6fdd; border-radius:999px; color:#2f6fdd; text-decoration:none; font-size:15.5px; font-weight:500; line-height:1;\">\n      Practice cost of debt calculations with a Free Trial.\n    <\/a>\n  <\/div>\n<\/div>\n\n\n<p>Assuming that the bond pays semi-annual interest and any intermediate cash flows are invested at the rate of <em>r<sub>d<\/sub>\/2<\/em>, then:<\/p>\n<p>$$ { P }_{ 0 }=\\left( \\sum _{ t=1 }^{ n }{ \\frac { { PMT }_{ t } }{ { \\left( 1+\\frac { { r }_{ d } }{ 2 } \\right) }^{ t } } } \\right) +\\frac { FV }{ { \\left( 1+\\frac { { r }_{ d } }{ 2 } \\right) }^{ n } }<br \/>$$<\/p>\n<p>Where:<\/p>\n<p><em>P<sub>0<\/sub><\/em> = the current market price of the bond<\/p>\n<p><em>PMT<sub>t<\/sub><\/em> = the interest payment in period t<\/p>\n<p><em>r<sub>d<\/sub><\/em> = the yield to maturity<\/p>\n<p><em>n<\/em> = the number of periods remaining to maturity<\/p>\n<p><em>FV<\/em> = the maturity value of the bond<\/p>\n<h3><strong>Example: Calculating the Before-tax Cost of Debt and the After-tax Cost of Debt<\/strong><\/h3>\n<p>Suppose company A issues a new debt by offering a 20-year, $100,000 face value, 10% semi-annual coupon bond. Upon issuance, the bond sells at $105,000. What are company A\u2019s before-tax cost of debt and after-tax cost of debt if the marginal tax rate is 40%?<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>Given:<\/p>\n<p>PV = $105,000<\/p>\n<p>FV = $100,000<\/p>\n<p>PMT = (10% of $100,000)\/2 = $5,000<\/p>\n<p>N = 20 \u00d7 2 = 40<\/p>\n<p>$$ $105,000=\\left( \\sum _{ t=1 }^{ 40 }{ \\frac { $5,000 }{ { \\left( 1+\\frac { { r }_{ d } }{ 2 } \\right) }^{ t } } } \\right) +\\frac { $1,00,000 }{ { \\left( 1+\\frac { { r }_{ d } }{ 2 } \\right) }^{ 40 } }<br \/>$$<\/p>\n<p>Using a financial calculator to solve for <em>r<sub>d<\/sub>\/2<\/em>, the six-month yield, we get <em>r<sub>d<\/sub>\/2<\/em> = 4.72%.<\/p>\n<p><em>Note PV = -$105,000 when using the calculator instead of the formula.<\/em><\/p>\n<p>The before-tax cost of debt is therefore <em>r<sub>d\u00a0<\/sub><\/em>= 4.72% \u00d7 2 = 9.44%, and the after-tax cost of debt = <em>r<sub>d<\/sub><\/em>(1 \u2013 t) = 9.44% (1 &#8211; 0.40) = 5.66%.<\/p>\n<h2><strong>Debt-Rating Approach<\/strong><\/h2>\n<p>The debt-rating approach is a method for estimating the before-tax cost of debt for a company. This approach is applied whenever reliable current market price data for the debt of a company is unavailable. In this method, the before-tax cost of debt is estimated by using the yield on comparably rated bonds for maturities that are closely aligned to the maturities of the existing debt of the company.<\/p>\n<h2><strong>Example: Debt-rating Approach<\/strong><\/h2>\n<p>Assume that company B has senior, unsecured debt with an average maturity of 5 years and the marginal tax rate of the company is 35%. If the debt rating of the company is BBB- and the yield on similar senior, unsecured debt with the same debt rating and maturity is 9%, then the after-tax cost of debt of the company is:<\/p>\n<p>$$ (1 \u2013 t) = 9\\% (1 \u2013 0.35) = 5.85\\% $$<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Which of the following statements gives an accurate definition of yield-to-maturity?<\/p>\n<p>A. The yield-to-maturity of a bond is the semi-annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity.<\/p>\n<p>B. The yield-to-maturity of a bond is the annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity.<\/p>\n<p>C. The yield-to-maturity of a bond is the return that an investor earns on a bond if they purchase the bond and sell it one year prior to maturity.<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is B.<\/p>\n<p>The yield-to-maturity of a bond is the annual return that an investor earns on a bond if they purchase the bond today and hold it until maturity.<\/p>\n<p>Option A is incorrect. The yield-to-maturity is an annual return and not a semi-annual return.<\/p>\n<p>Option C is incorrect. The yield-to-maturity of a bond assumes that the investor holds the bond until maturity.<\/p>\n<\/blockquote>\n<p><em>Reading 33 LOS 33f: <\/em><\/p>\n<p><em>Calculate and interpret the cost of debt capital using the yield-to-maturity approach and debt-rating approach<\/em><\/p>\n<div class=\"notes_inv\">\n<hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n\n\n<div style=\"text-align:center; background:#f3f5f9; padding:44px 20px 24px; margin:40px 0;\">\n  \n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n     style=\"display:inline-flex; align-items:center; justify-content:center; background:#4274d8; color:#ffffff; text-decoration:none; padding:14px 36px; border-radius:999px; font-size:16px; font-weight:700; line-height:1;\">\n    Start Free Trial\n  <\/a>\n\n  <p style=\"max-width:640px; margin:14px auto 0; font-size:15.5px; line-height:1.5; color:#1f2937;\">\n    Strengthen cost of debt and capital structure concepts with\n    exam-focused CFA Level I practice.\n  <\/p>\n\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The cost of debt is the cost of financing a debt whenever a company incurs a debt by either issuing a bond or taking&nbsp; a bank loan. Two methods for estimating the before-tax cost of debt are the yield-to-maturity approach&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1542","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cost of Debt Capital | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn how to calculate the cost of debt capital, including bond yields, interest expenses, and factors affecting corporate debt financing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/cost-debt-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost of Debt Capital | CFA Level 1 - 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