Tools · Fixed income
Treasury Bond Calculator
Work out a treasury bond's coupon, current yield and yield to maturity — gross and after tax — for any East African market. Free, and nothing is stored.
Assumes semi-annual coupons. Price is the clean price as a percent of face (100 = par). Set the withholding tax to your market's rate.
- You pay (price)
- KES 1,000,000
- Coupon each payment
- KES 70,000
- Coupon per year (gross)
- KES 140,000
- Coupon per year (after tax)
- KES 119,000
- Current yield
- 14.00%
- Yield to maturity
- 14.00%
- Total coupons over life
- KES 1,400,000
01How the numbers work
A bond's coupon is fixed at issue: face value × coupon rate, paid in two equal halves a year. The current yield divides the annual coupon by what you actually pay, so a bond bought below par yields more than its coupon, and one bought above par yields less.
Yield to maturity is the complete measure: the single annual rate that makes all the future coupons plus the face value, discounted to today, equal the price you pay. It is what lets you compare two bonds with different prices, coupons and maturities on equal terms.
Buying bonds in a specific market?
Rates, minimums, tax and the rules for foreign investors, market by market:
02Common questions
What is yield to maturity?
Yield to maturity (YTM) is the total annual return you'd earn if you buy the bond at today's price and hold it to maturity, collecting every coupon and the face value at the end. It accounts for the price you pay, the coupons and the time to maturity — which is why it differs from the headline coupon rate.
How is the yield to maturity calculated here?
The calculator discounts every future coupon and the final face value back to today and finds the single rate that makes their total equal the price you pay. It assumes semi-annual coupons, the convention for East African treasury bonds.
Does this account for tax?
Partly. Enter your market's withholding tax and the calculator shows the after-tax coupon. Set it to 15% or 10% for Kenya, 20% or 10% for Uganda, 15% or exempt for Tanzania, and 5% for Rwanda — see the country guides for which rate applies.
Why is current yield different from yield to maturity?
Current yield is just the annual coupon divided by the price — a snapshot. Yield to maturity also captures the gain or loss between the price you pay and the face value you receive at maturity, so it's the more complete measure.
Own more than one bond? Skip the spreadsheet.
Tamias keeps the yield, value and after-tax return of every bond, bill and share you own up to date, and nudges you before each coupon and maturity — across Kenya, Uganda, Tanzania and Rwanda.
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