{"id":9648,"date":"2025-07-18T14:34:20","date_gmt":"2025-07-18T14:34:20","guid":{"rendered":"https:\/\/www.biddeasy.com\/blog\/?p=9648"},"modified":"2025-07-21T07:41:43","modified_gmt":"2025-07-21T07:41:43","slug":"bonds-101-cracking-the-code-ytm-changes-price-changes","status":"publish","type":"post","link":"https:\/\/www.biddeasy.com\/blog\/bonds-101-cracking-the-code-ytm-changes-price-changes\/","title":{"rendered":"Bonds 101: Cracking the Code \u2014 YTM Changes = Price Changes"},"content":{"rendered":"<p><b>Why<\/b> <b>Bond Prices Move When Yields Change<\/b><\/p>\n<h3><b>Let\u2019s Start with a Quick Question<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You buy a<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> offering a 10% return (YTM).<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> All looks great. You\u2019re earning well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Then suddenly \u2014 market yields fall to 8%.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Now, your<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> is <\/span><b>worth more<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>Why?<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> Because in the world of<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bonds<\/b><\/a><span style=\"font-weight: 400;\">, <\/span><b>price and yield move in opposite directions<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s break that down \u2014 simply and clearly.<\/span><\/p>\n<h3><b>First, What Is YTM?<\/b><\/h3>\n<p><b>YTM<\/b><span style=\"font-weight: 400;\"> (Yield to Maturity) is the return you earn if you buy a<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> today and hold it until maturity \u2014 assuming all payments are made as promised.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of it as:<\/span><\/p>\n<p><b>Return = (Coupons + Price Gain\/Loss) \u00f7 Time<\/b><\/p>\n<h3><b>The Golden Rule of Bonds:<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When <\/span><b>YTM falls<\/b><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> price <\/span><b>rises<\/b><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When <\/span><b>YTM rises<\/b><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> price <\/span><b>falls<\/b>&nbsp;<\/li>\n<\/ul>\n<h3><b>Let\u2019s Simplify This with an Analogy<\/b><\/h3>\n<h4><b>Think of It Like Chai<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">You\u2019re used to buying your favourite chai for \u20b920.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Suddenly, chai is \u20b930 everywhere.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> But your friend still sells it at \u20b920.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> That offer now feels like a <\/span><b>great deal<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, if your<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> pays more interest than the market, it becomes more attractive \u2014 and people are willing to pay a higher price to get it.<\/span><\/p>\n<h3><b>Let\u2019s See This in Action<\/b><\/h3>\n<p><b>Bond A:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Face Value: \u20b91,000<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Coupon Rate: 10% \u2192 \u20b9100\/year<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maturity: 3 years<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market YTM = 10% \u2192 Price = \u20b91,000<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now market YTM drops to <\/span><b>8%<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> To match this yield, your<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> must <\/span><b>increase in price<\/b><span style=\"font-weight: 400;\"> \u2014 so the \u20b9100 payout reflects only an 8% return.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>New Price \u2248 \u20b91,080<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If YTM rises to <\/span><b>12%<\/b><span style=\"font-weight: 400;\">, that \u20b9100 doesn\u2019t look as attractive anymore.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> So, the<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> price <\/span><b>drops<\/b><span style=\"font-weight: 400;\">.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span> <b>New Price \u2248 \u20b9930<\/b><\/p>\n<h3><b>Why Do Yields Change?<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RBI repo rate decisions<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inflation expectations<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investor demand for<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bonds<\/b><b><\/b><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Changes in credit quality or risk<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These factors impact <\/span><b>market yields<\/b><span style=\"font-weight: 400;\">, which in turn affect<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> prices.<\/span><\/p>\n<h3><b>But Wait \u2014 What If I Hold Till Maturity?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you <\/span><b>hold till maturity<\/b><span style=\"font-weight: 400;\">, price movements in the market don\u2019t affect you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll still receive:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Full principal<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fixed coupon payments<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your original YTM<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><b>This is true as long as there is no default.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">But if you plan to <\/span><b>sell early<\/b><span style=\"font-weight: 400;\">, understanding price fluctuations becomes crucial.<\/span><\/p>\n<h3><b>Real-Life Example<\/b><\/h3>\n<p><b>Bond B (Unlisted):<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Coupon: 11%<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maturity: 5 years<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bought at \u20b91,000<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If YTM drops to 9%, your<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> is now in demand.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> You might be able to sell it for \u20b91,100+ \u2014 a capital gain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If YTM rises to 13%, the bond becomes less attractive.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> Its price could drop to \u20b9950 \u2014 a capital loss if sold early.<\/span><\/p>\n<h3><b>Why Should You Care?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Because <\/span><b>price movements = real gains or losses<\/b><b><br \/>\n<\/b><span style=\"font-weight: 400;\"> &#8230;especially if you sell your<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> before maturity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you might:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Exit early<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rebalance your portfolio<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Book capital gains<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u2026then YTM and market movements matter <\/span><b>a lot<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Quick Recap: YTM vs Price<\/b><\/h3>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" data-sheets-root=\"1\" data-sheets-baot=\"1\">\n<colgroup>\n<col width=\"130\" \/>\n<col width=\"331\" \/><\/colgroup>\n<tbody>\n<tr>\n<td style=\"text-align: center;\">YTM Movement<\/td>\n<td style=\"text-align: center;\">What Happens to Price<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">YTM goes down<\/td>\n<td style=\"text-align: center;\">Bond price goes up<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">YTM goes up<\/td>\n<td style=\"text-align: center;\">Bond price goes down<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">If you hold till maturity:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> You\u2019ll get the YTM you signed up for \u2014 assuming no default.<\/span><\/p>\n<h3><b>Final Thoughts<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Don\u2019t let \u201cYield to Maturity\u201d sound technical or intimidating.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> At its core:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher YTM = Lower bond price<\/b><b><br \/>\n<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lower YTM = Higher bond price<\/b><b><br \/>\n<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, when you\u2019re exploring<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bonds<\/b><\/a><span style=\"font-weight: 400;\"> on <\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"><span style=\"font-weight: 400;\">Bidd<\/span><\/a><span style=\"font-weight: 400;\"> or anywhere else, ask yourself:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What\u2019s the YTM today?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Could it change in the future?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Do I plan to sell before maturity?<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Because<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bond<\/b><\/a><span style=\"font-weight: 400;\"> investing isn\u2019t just about fixed returns \u2014<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"> It\u2019s about <\/span><b>understanding how value moves.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In the world of<\/span><a href=\"https:\/\/www.biddeasy.com\/platform\/#\/biddeasy-dashboard\/\"> <b>bonds<\/b><\/a><span style=\"font-weight: 400;\">, <\/span><b>knowledge is your best return<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Why Bond Prices Move When Yields Change Let\u2019s Start with a Quick Question You buy a bond offering a 10% return (YTM). All looks great. You\u2019re earning well. Then suddenly \u2014 market yields fall to 8%. Now, your bond is worth more. Why? Because in the world of bonds, price and yield move in opposite [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-9648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bonds 101: Cracking the Code \u2014 YTM Changes = Price Changes - Bidd Easy -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biddeasy.com\/blog\/bonds-101-cracking-the-code-ytm-changes-price-changes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bonds 101: Cracking the Code \u2014 YTM Changes = Price Changes - Bidd Easy -\" \/>\n<meta property=\"og:description\" content=\"Why Bond Prices Move When Yields Change Let\u2019s Start with a Quick Question You buy a bond offering a 10% return (YTM). 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Because in the world of bonds, price and yield move in opposite [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.biddeasy.com\/blog\/bonds-101-cracking-the-code-ytm-changes-price-changes\/\" \/>\n<meta property=\"og:site_name\" content=\"Bidd Easy -\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-18T14:34:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-21T07:41:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2025\/07\/18143409\/11.-YTM-Changes-Price-Changes.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1087\" \/>\n\t<meta property=\"og:image:height\" content=\"721\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adnan Hussain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adnan Hussain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.biddeasy.com\/blog\/bonds-101-cracking-the-code-ytm-changes-price-changes\/\",\"url\":\"https:\/\/www.biddeasy.com\/blog\/bonds-101-cracking-the-code-ytm-changes-price-changes\/\",\"name\":\"Bonds 101: Cracking the Code \u2014 YTM Changes = Price Changes - 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