{"id":3422,"date":"2019-09-06T12:00:00","date_gmt":"2019-09-06T12:00:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=3422"},"modified":"2026-01-15T16:42:14","modified_gmt":"2026-01-15T16:42:14","slug":"bonds-maturity-coupon-yield-level","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/bonds-maturity-coupon-yield-level\/","title":{"rendered":"Interest Rate Risk Given a Bond\u2019s Maturity, Coupon, and Yield"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Understanding Fixed-Income Risk and Return (2025 Level I CFA\u00ae Exam \u2013 Fixed Income \u2013 Module 5)\",\n  \"description\": \"This video covers fixed-income risk and return, exploring topics such as calculating bond returns, interpreting durations (Macaulay, modified, effective), assessing interest rate risks, portfolio duration, and convexity. It also discusses yield curve sensitivity, price changes, yield volatility, holding period returns, credit spreads, liquidity, and the difference between empirical and analytical durations.\",\n  \"uploadDate\": \"2018-04-04T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/ys7hMfL_EIs\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/ys7hMfL_EIs\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/ys7hMfL_EIs\",\n  \"duration\": \"PT1H1M\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds.png\",\n  \"caption\": \"Convexity on 30-year and 1-year Bonds\",\n  \"width\": 974,\n  \"height\": 722,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Bond Interest Rate Risk\",\n    \"text\": \"Which of the following bonds would have the highest interest rate risk?\\n\\nA. A 5% coupon bond.\\nB. A 12% coupon bond.\\nC. A zero coupon bond.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A zero coupon bond.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A 5% coupon bond.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A 12% coupon bond.\"\n      }\n    ]\n  }\n}\n<\/script>\n\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/ys7hMfL_EIs?si=KAdp97v4VwP3ASPG\" 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<p>\u00a0<\/p>\n<p>Duration \u2013 whether it&#8217;s Macaulay duration, effective duration, or any other kind of duration \u2013 is a measure of interest rate risk. Some factors affect duration and consequently affect interest rate risk.<\/p>\n<h2><strong>Time to Maturity<\/strong><\/h2>\n<p>Longer maturity bond prices are more sensitive to changes in yields than shorter maturity bonds. As shown in the following graph, the price of the 30-year bond increases a lot more than that of the 1-year bond in response to a decrease in interest rates.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-16873 size-full\" style=\"max-width: 100%;\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds.png\" alt=\"Convexity on 30-year and 1-year Bonds\" width=\"974\" height=\"722\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds-300x222.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds-768x569.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/Convexity-on-30-year-and-1-year-Bonds-400x297.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<h2><strong>Coupon Rate<\/strong><\/h2>\n<p>Bonds with higher coupon rates are less sensitive to changes in interest rates. This is because one can always reinvest the large coupon payments at the prevailing market interest rate. On the contrary, zero-coupon bonds are the most sensitive to interest rate swings since all the interest payments of zero-coupon bonds are accumulated and paid at maturity.<\/p>\n<h2><strong>Bonds with Embedded Options<\/strong><\/h2>\n<p>Putable bonds allow investors to sell the bond back to issuers before maturity at par value and protect them from higher benchmark yields. Therefore, the price of a putable bond is always higher than that of a comparable non-putable bond.<\/p>\n<p>An embedded put option reduces the effective duration of a bond, especially when rates are rising. Thus, the inclusion of an embedded option reduces price sensitivity to changes in the benchmark yield curve.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Which of the following bonds would have the highest interest rate risk?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">A 5% coupon bond.<\/li>\n<li data-tadv-p=\"keep\">A 12% coupon bond.<\/li>\n<li data-tadv-p=\"keep\">A zero coupon bond.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>Smaller coupon bonds are more sensitive to interest rate swings than bonds which pay bigger coupons. Since a zero coupon bond has the smallest of all coupons (being zero), it carries the highest interest rate risk.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Duration \u2013 whether it&#8217;s Macaulay duration, effective duration, or any other kind of duration \u2013 is a measure of interest rate risk. Some factors affect duration and consequently affect interest rate risk. Time to Maturity Longer maturity bond prices&#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":[9],"tags":[],"class_list":["post-3422","post","type-post","status-publish","format-standard","hentry","category-fixed-income","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>Bond\u2019s Maturity, Coupon, and Yield Level | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Longer maturity bond prices are more sensitive to changes in interest rates. 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