RetireJapan

Hi,

Just been looking at bonds on Rakuten (モルガン・スタンレー 米ドル建劣後債券 for example).
I can't quite work out the difference between 参考年利回りand 年利率...

If you can explain that would be great...

Thanks!

The terms mean "yield to maturity" and "coupon rate" respectively. You'll get a clearer explanation than I can give if you search for these terms. Basically the coupon rate is the interest rate based on the face value of the bond. Yield is what you actually get depending on how much you pay for the bond. For example, after an interest hike, bonds will trade for less than their face value.