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Statistical Series Capital market indicatorsOctober 2025
Deutsche Bundesbank
2025.10.10
Unlike the nominal interest rate, the bond yield indicates the interest actually received per annum. Its calculation takes account of all the factors influencing the earnings from a debt security. These comprise not only the nominal interest rate but also the frequency of interest payments, the purchase and redemption price, maturity and the mode of redemption (falling due en bloc, falling due in instalments). Yields calculated in this way permit a comparison of the interest actually received on different bonds or a comparison between bonds and other forms of investment (eg savings deposits, the yield on which is wholly dependent on the interest rate). The yield statistics cover debt securities issued by residents with a maximum maturity according to the terms of issue of over four years. Structured Products and the like, debt securities with unscheduled redemptions, zero coupon bonds, floating rate notes and bonds not denominated in Euro are not included. The yields of redeemable issues are based on the computed residual maturity. The calculation of total yield and of yield by type of security covers only securities with a residual maturity of more than three years. Group yields are weighted by the amounts outstanding at market prices (up to December 2001, by nominal amounts outstanding) or (in the case of issue yields) the amounts sold of the debt securities included in the calculation. Owing to the monthly changes in the composition of the debt securities included in the calculation, the movement of the changes in the interest rate level but - particularly in the computed yield is to be attributed not only to movement case of the issue yields - also to structural influences (e.g. changes in the maturity pattern). The monthly figures on yields outstanding are calculated on the basis of the yields based on the XETRA prices on all the trading days in a month; up to 23 May 2011 on the basis of spot rates.