i think i am going insane but whats the relationship between spot rate and bond yield again?

so when bond pays no coupon bond yield=spot rate? what if it pays?

i think i am going insane but whats the relationship between spot rate and bond yield again?

so when bond pays no coupon bond yield=spot rate? what if it pays?

Does it make sense to you if I say that bond YTM is the bond IRR (Internal Rate of Return)?

Bond yield is the **single rate** used to discount cash flows while spot rates are the actual prevailing rates. Using sport rates to discount the cash flows is more realistic. A single rate that is used to discount cash flows equating PV to FV is called IRR.

The only problem is you can’t know what future spot rates will be and that’s where Level 2 F.I. curriculum starts.

I think i just got confused by the name yield, when it is just the discount rate,

so par and ytm is used for coupon and spot rate is used for discount when bootstraping?