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NZDX - How are quoted yields calculated?
Hi All,
If I look at securities quoted on the NZDX (I'll use BNZ080 as an example), they quote the unit price and the yield:
http://www.nzx.com/markets/NZDX/bnz080
Can anyone explain exactly how the yield is calculated?
Using the numbers on that page at the time of posting they show:
Date = 6 Nov 2009
Sell per $100 = $107.691
Nominal Interest = 8.42%
Interest Paid = 6 times a year
Next Interest = 15 Dec 2009
Maturity = 15 Jun 2017
Yield on Sell = 6.600% (presumably the Yield to Maturity?)
Can anyone explain how to get the 6.600% from the above data?
A worked example using the above data would be most helpful if possible. In an attached excel workbook would be sublime!
Thanks,
Alan.
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