A bond yield is the return an investor gets from a bond, calculated as the coupon plus any gain or loss from buying below or above face value. It moves opposite to the bond's price.
债券收益率是投资者持有债券获得的回报，等于票息加上折价买入或溢价买入带来的盈亏。它与债券价格反向变动。
Yields are the price of risk made observable. When the 10-year yield jumps 20 basis points in a day, it is not because coupons changed — it is because buyers demanded a lower price. That repricing runs through mortgages, corporate borrowing and equity valuations within hours. A yield curve that inverts, with short rates above long rates, has preceded most American recessions.
收益率让风险的价格变得可观察。10 年期收益率一天跳 20 个基点，不是票息变了，而是买方要求更低的价格。这个重定价在几小时内传导到房贷、企业融资和股票估值。
收益率曲线倒挂（短端高于长端），在历史上几乎总是出现在美国衰退之前。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 1.6% | Japan's 20-year bond sale sees strongest demand on record 债券收益率 · 第 1 张术语卡 | Japan's 10-year yield went from just above 1.6% to 3.115% in a year — the whole story starts there. 收益率不是一个数字，而是一整套价格。日本 10 年期国债收益率一年内从 1.6% 涨到 3.115%，意味着旧债价格大幅下跌；对持有到期的寿险公司来说，账面亏损是真的，但新买入的债券票息也真的变高了。这就是为什么同一件事——收益率上升——会让老持有人痛苦、让新买家兴奋。判断债市新闻时，先问一句：说的是「谁」的收益率。 |
| 500 bp | Why CoreWeave is in the crosshairs of the AI scare 债券收益率 · 第 3 张术语卡 | Yields on CoreWeave's 2030 bonds jumped 500 basis points to near 16% — a level usually reserved for companies already in distress. 同一家公司，债券收益率 16% 意味着市场要求每年 16% 的补偿才肯把钱借给它；同期美国国债大约 5%。这 11 个百分点的差距就是「信用利差」，是市场给它的违约概率开的价。 |
| 4.989% | France's risk premium overtakes Italy's as bond investors price a default 债券收益率 · 第 1 张术语卡 | France's 10-year yield hit 4.989% on Friday, the highest since 2002 — a level last seen when the euro was three years old. 三个数字要分清：票息（发行时定死）、价格（随行就市）、收益率（把未来现金流折回今天的利率）。新闻说「收益率逼近 5%」，指的是二级市场收益率。它是所有资产的定价锚——收益率越高，企业融资成本、房贷利率、股票估值所用的折现率都会跟着抬。 |
Yield is the coupon
Only if you buy at par. Buy at a discount and the yield is higher.
Rising yield means bonds are attractive
It means their price fell. Existing holders lost money.
Yield and price can rise together
They cannot, for a fixed coupon and maturity.
· the yield rose to 4.5%
· yields fell across the curve
· yield spread
· real yield
· yield curve inversion
the yield rose to 4.5% 收益率升至 4.5%；yields fell across the curve 整条曲线收益率下行；yield spread 收益率利差；real yield 实际收益率；yield curve inversion 收益率曲线倒挂。
· yield vs coupon
· yield to maturity vs current yield
yield 是持有回报，coupon 是票面利息；YTM 假设持有到期，current yield 只看当年利息。
The 10-year Treasury yield climbed X basis points to Y%, the highest since Z.
行情句：十年期美债收益率上升 X 个基点至 Y%，为 Z 以来最高——基点、点位、时间三个信息缺一不可。
“Japan's 10-year yield went from just above 1.6% to 3.115% in a year — the whole story starts there.”
“Yields on CoreWeave's 2030 bonds jumped 500 basis points to near 16% — a level usually reserved for companies…”
“France's 10-year yield hit 4.989% on Friday, the highest since 2002 — a level last seen when the euro was thr…”