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#채권 3 posts

Low-Coupon Bond Tax Math: Same 3.5% Yield, 0.37pp Apart After Tax

In Korea, individual bonds are taxed only on coupon interest at 15.4%, while capital gains go untaxed. Two bonds with identical 3.5% pre-tax yields end up 0.37 percentage points apart after tax over three years. Here is the calculation, step by step.

Personal FinanceSep 5, 20267 min

Bond Duration Math: How Much a 1pp Rate Move Shifts Price

A bond with a modified duration of 6.5 years gains roughly 6.5% when yields fall one percentage point. Here is why duration, not maturity, sets the swing — with coupon-by-coupon calculations.

EconomicsAug 29, 20265 min

Bond Duration Explained: How Much a 1%p Rate Move Shifts Your Price

A bond with a modified duration of 5 loses about 5% when market rates rise 1 percentage point. Here is how Macaulay and modified duration differ, with a calculated table of price moves.

EconomicsJul 26, 20264 min