Bond Yield Calculator: Current Yield and Yield to Maturity (YTM)
How much does a bond really earn if it doesn't trade at face value? Enter the price, coupon and term — the calculator shows current yield and yield to maturity, both approximate and exact.
Up to date as of October 2026. Figures change — before making a decision, check the official sources: the Kazakhstan Stock Exchange (kase.kz) and the Ministry of Finance of Kazakhstan (minfin.gov.kz) for the terms of a specific issue.
This is a simplified estimate based on your inputs. It is not financial, tax or investment advice. Check exact amounts with the State Revenue Committee (KGD), the State Social Insurance Fund (GFSS), your bank or an accountant.
Three kinds of yield
- Coupon yield — the percentage of face value stated in the terms of the issue. For example, 13% of 1,000 ₸ is 130 ₸ per year.
- Current yield = annual coupon ÷ purchase price. Bought at 950 ₸ — 130 ÷ 950 = 13.68%.
- Yield to maturity (YTM) also accounts for the difference between price and face value. Approximate formula: (coupon + (face value − price) ÷ years) ÷ ((face value + price) ÷ 2). The exact calculation discounts each coupon — the calculator does this numerically.
Bond prices on the exchange are often quoted as a percentage of face value: “95” means 950 ₸ for a 1,000 ₸ face value. When you buy between coupon dates, you also pay the seller accrued interest — the coupon income built up so far. The calculator doesn't include it, nor broker fees. For a plain-language intro to the bonds themselves, see the article bonds in simple terms and the glossary: yield to maturity.
Example: a MEUKAM-style bond
A hypothetical example, not a quote for a specific issue: face value 1,000 ₸, 13% annual coupon paid twice a year, 5 years to maturity. How yield changes with the purchase price:
| Purchase price | Current yield | YTM approximate | YTM exact | Income over 5 years per bond |
|---|---|---|---|---|
| 900 ₸ | 14.44% | 15.79% | 15.98% | 750 ₸ |
| 950 ₸ | 13.68% | 14.36% | 14.44% | 700 ₸ |
| 1,000 ₸ | 13.00% | 13.00% | 13.00% | 650 ₸ |
| 1,050 ₸ | 12.38% | 11.71% | 11.65% | 600 ₸ |
Checking the 950 ₸ row: coupon 130 ₸ per year; current yield 130 ÷ 950 = 13.68%; approximate YTM = (130 + 50 ÷ 5) ÷ 975 = 14.36%. Over 5 years: 650 ₸ in coupons plus a 50 ₸ difference at maturity = 700 ₸ per bond. For reference: the National Bank's base rate from October 23, 2026 is 15.75%, and annual inflation for September is 9.3%. See actual MEUKAM yields on kase.kz — they change every day.
Common mistakes
- Looking only at the coupon. A bond with a 13% coupon priced at 1,050 ₸ yields less than 13% to maturity.
- Forgetting accrued interest and fees. They raise the actual purchase price and lower the yield.
- Expecting the same income when selling early. The price before maturity is a market price and can fall if rates rise.
- Ignoring inflation and taxes. Compare yield with inflation, and read about taxes in the article taxes on investments in Kazakhstan.
How to buy government bonds — step by step in the article Ministry of Finance bonds: how to buy. The deposit calculator and the article bonds or a deposit will help you compare with a savings deposit. The basics — in the free lesson bonds and ETFs.
Aspiro Invest — a medium-term portfolio: what to hold, when to review it and where the protective levels are.
- Current yield — coupon relative to price; YTM — also includes the difference from face value.
- Below face value — YTM is above the coupon; above face value — below it.
- Yield is not assured if you sell before maturity: the price is set by the market.
FAQ
What is yield to maturity?
It's a bond's average annual return if you buy it at the current price, hold it to maturity and receive all coupons and the face value. It accounts for both the coupons and the difference between the purchase price and face value.
How is current yield different from yield to maturity?
Current yield is just the annual coupon divided by the price. It ignores the fact that you get the face value back at maturity. If a bond is bought below face value, yield to maturity is higher than current yield; if above, it's lower.
Why is a bond's price below face value?
If market rates rose after the bond was issued, its old coupon becomes less attractive, and the price falls until its yield matches the market. When rates fall, the price usually rises.
Are Ministry of Finance bonds risk-free?
Government bonds have a low risk of default, but income is not assured if you sell before maturity: the price can fall. There's also inflation risk if the yield turns out lower than price growth.
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