What this calculator does
Bond equivalent yield works out converts a discount instrument price into an annualised coupon-style yield. Enter your own figures above and the answer updates as you type: nothing is fixed in the code, so the result reflects exactly the numbers you supply.
The formula this calculator evaluates is printed under the tool and explained below, so you can check the working by hand or reuse it in a spreadsheet.
The formula
FormulaBEY = (Face value − Price) / Price × (365 / Days to maturity) × 100
The inputs explained
| Field | What to enter |
|---|---|
| Face value ($) | A number, measured in your currency. Starts at 10000. |
| Purchase price ($) | A number, measured in your currency. Starts at 9750. |
| Days to maturity | A number. Starts at 180. |
Worked examples
Every figure in the tables below is produced by this page’s own calculator at build time, so the numbers and the tool always agree. Select any row to load that scenario.
How the answer changes with face value
Every other input is held at the calculator’s starting values while face value varies. Select any row to load that scenario into the calculator.