Investment Products Bonds Overview Types Buying and Selling Risks Key Terms Learn Enter a "0" (zero) for one unknown value above. Although callable bonds can result in higher costs to the issuer and uncertainty to the bondholder, the provision can benefit both parties. If you don't receive the email, be sure to check your spam folder before requesting the files again. Investopedia does not include all offers available in the marketplace. The total price for these bonds as well as the accrued interest will be calculated. If a bond issuance is callable, then the issuer can redeem (i.e. You should find that the YTM is still 9.50%, but the YTC is now 17.14%. It should be obvious that if the bond is called then the investor's rate of return will be If a bond is called early by the issuer, the yield received by Use code at checkout for 15% off. If you wish, you can return to my Excel TVM tutorials, or view my Excel Bond Valuation tutorial. Click to reveal For the example bond, enter the following formula into B13: The current yield is 8.32%. Moreover, the bond becomes callable after four years, i.e. The calculator performs five yield calculations: current yield, yield-to-maturity (YTM), yield-to-call (YTC), after-tax yield, and taxable equivalent yield. If you want to purchase bonds worth $50,000 at par, you can enter 50 as the "Number of Bonds". The issue date is the date the bond starts trading in the resale market. Generally, the settlement date is one business day after the trade date for bonds of all types. . Noncallable security is a financial security that cannot be redeemed early by the issuer except with the payment of a penalty. the time from issuance to maturity). Give correct values for electronic bonds. Also, since industry practice (which the Yield() function uses) is to quote prices as a percentage of the face value, I have added 100 for the redemption value in B3. However, by convention, bond prices are quoted as if the face amount were $100. Certain provisions included in the bond agreement can make yield calculations more complicated, which is the call feature in this scenario. One of the key variables in choosing any investment is the expected rate of return. time+F t=0 t=T+c +c +c +cFixed Income: Prices of Coupon Bonds 11 Example 1: Lets price an 8% coupon, 10-yr. bond that pays coupons semi-annually. Notice that we didn't need to make any adjustments to account for the semiannual payments. In our illustrative exercise, well calculate the yield on a bond using each of the metrics discussed earlier. Two common examples are noncallable bonds and noncallable preferred stocks. The Fund will invest at least 80% of its total assets in municipal bonds that comprise the index. WebGiven a choice of callable or otherwise equivalent non-callable bonds, investors would choose the non-callable bonds because they offer more certainty and potentially higher returns if interest rates decline. The YTC metric is only applicable to callable bonds, in which the issuer has the right to redeem the bonds earlier than the stated maturity date. Caution: Be careful buying a bond with a call provision that is selling for a premium. For values of your electronic bonds, log in to your TreasuryDirect account. It should be obvious that if the bond is called then the investor's rate of return will be In the case of our example bond, the current yield understates the total expected return for the bond. WebFind Any Data on Any Bond in Just One Click Full data on over 500,000 bonds and stocks worldwide Powerful bond screener Ratings from the top 3 global ratings agencies, plus over 70 local ones Over 300 pricing sources from the OTC market and world stock exchanges User-friendly and intuitive across multiple platforms Get access Trading chart The yield-to-maturity (YTM) assumes that you will be able to reinvest the interest payments at a rate equal to the bond's original YTM. Callable bonds typically carry higher yields than non-callable bonds because the bond can be called away from an investor if interest rates fall. The advantage to the issuer is that the bond can be refinanced at a lower rate if interest rates are dropping. A pre-refunding bond is a type of bond issued to fund the issuance of a callable bond. Therefore, some bonds include a call option feature that gives bond issuers the right to refund or buy back their issued bonds at a call price lower than the market price before the bond matures. priced by the market above its face value. Please note that this tutorial works for all versions of Excel. The maturity date is the date the issuer must repay the redemption (par) value. An Industry Overview, 100+ Excel Financial Modeling Shortcuts You Need to Know, The Ultimate Guide to Financial Modeling Best Practices and Conventions, Essential Reading for your Investment Banking Interview, The Impact of Tax Reform on Financial Modeling, Fixed Income Markets Certification (FIMC), The Investment Banking Interview Guide ("The Red Book"). maturity = Original Maturity Date or Early Redemption Date. Conversely, if the bond price in the market is $1,100 (110), the bond is selling at a premium, i.e. WebIf a callable bond is redeemed at the next call date as opposed to the original maturity date then the return is the yield to call (YTC). Thomas' experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning. You're lending money to the bond issuer at a fixed interest rate for several years when you invest in a bond. Lets get to know one another better. What is the Yield to Maturity? Callablesecurity can be redeemed early and pays a premium to compensate the investor for the risk that they will not earn any additional interest in the event that the security is redeemed prior to its maturity date. Foreign bonds issued by states/governments. Create a savings bond based on information you enter. After-tax yield is the yield after the impact of taxes. This calculator will let you calculate either the price-to-call or the yield-to-call. A bond may also be noncallable either for the duration of the bonds life or until a predetermined period of time has passed after initial issuance. It also returns an annualized answer. Suppose the bond issuance has a maturity of five years, and the financing was finalized on 12/31/2021 with the first call date two years after the settlement date. Cloudflare Ray ID: 7a1623e3ded9bb29 The issuer of the bond may have the right to 'call' the bond prior to maturity. Most treasury securities and municipal bonds are noncallable. It is possible to calculate the anticipated price change per a predetermined change in interest rate expressed in basis points. The calculator uses the following formula to calculate the current yield of a bond: CY = C / P * 100, or CY = (B * CR / 100) / P. B is the par value or face value of a bond. Noncallable bondholders are protected from income loss that is caused by premature redemption. If a bond is structured with a call provision, that can complicate the expected yield to maturity (YTM) due to the redemption price being unknown. In our illustrative bond yield exercise, well calculate the yield to call (YTC) on a ten-year callable bond issuance that was finalized on 12/31/21. Dual Index Floater bonds have an interest rate determined by two or more indices, according to the terms of the bond. Below is my blog on finance https://www.finmargin.com/. Using financial calculator PV=-108 N=2*4 PMT=4%*100/4 FV=100 CPT I/Y=0.000%. Callable bonds give an issuer the option to redeem a bond earlier than the stated maturity date. Investopedia does not provide tax, investment, or financial services and advice. If you want to guarantee yourself a particular yield and the bond has a call provision, enter your desired yield in the yield-to-call input and enter "0" (zero) for the price-to-call. WebThe rate is fixed at auction. Our worksheet needs a little more information to use the Yield() function, so set up a new worksheet that looks like the one in the picture below: Note that I've had to add exact dates for the settlement date and the maturity date, rather than just entering a number of years as we did before. If you don't receive the email, be sure to check your spam folder before requesting the files again. In real life, the yield to worst (YTW) is applicable only for callable bonds and those trading at a premium. If you expect to be taxed at the capital gains tax rate, enter that rate and not your tax rate for ordinary income. Use our titration calculator to determine the molarity of your solution. When the issuer could raise money offering a lower rate. Note that the current yield only takes into account the expected interest payments. Guarantee the serial January 1, 2021, to January 1, 2022, consists of 365. A bond that is entirely noncallable cannot be redeemed early by the issuer regardless of the level of interest rates in the market. There is no formula that can be used to calculate the exact yield to maturity for a bond (except for trivial cases). To calculate the current yield, the formula consists of dividing the annual coupon payment by the current market price. Often, the call protection period is set at half of the bonds entire term but can also be earlier. Payment Interval: A noncallable bond or preferred share that is redeemed before the maturity date or during the call protection period will incur the payment of a steep penalty. For instance, if a bonds call protection is A callable bond is a bond that can be redeemed (called in) by the issuer prior to its maturity. Applying this convention 365/360 equals 1.013889 (approximately). Unlike the coupon rate, which remains fixed, the current yield fluctuates based on the market price of the bonds. The call option affects the price of the bond as the investors may Applying this convention, 366/366 equals 1.0. You may also change it at any time. This figure is used to see whether the bond should be sold at a premium, a discount or at its face valueas explained below. For instance, if a bonds call status is denoted as NC/2, the bond cannot be called for two years. SBI Sarvottam (Non-Callable) Term Deposit offers higher Rate of Interest, without pre-mature withdrawal facility. This feature impacts the calculation of the value of the bond. WebIf the reference Treasury (maturing 2/15/30) is currently yielding 1.53%, a +30bp spread equals 1.83%, which translates to a price of $115.48. paid off) sooner than the stated maturity date. Therefore, we know that the YTM must be greater than 8% per year. (Coupon interest, however, is most frequently paid semiannually.) For those pursuing fixed income research, investments, sales and trading or investment banking. There will be three distinct scenarios in which all the assumptions will be identical except for the current market pricing. WebThe calculator uses the following formula to calculate the current yield of a bond: CY = C / P * 100, or CY = (B * CR / 100) / P. Where: CY is the current yield, C is the periodic coupon The date this can happen is the "call date". The inclusion of the call premium is meant to compensate the bondholder for potentially lost interest and reinvestment risk. The maturity of the bonds was prematurely cut, resulting in less income via coupon (i.e. Bond price - while bonds are usually issued at par, they are available in the resale market at either a premium or a discount. Actual/365 Days: the number of days between two dates is actual, and the number of days in a year is 365. (Macaulay) Duration is the weighted average of the time until the bond holder receives all the cash flows. (example is for illustrative purposes only) Summary of a Make-Whole Call: Business Finance. pay off the debt earlier. I have already entered this additional information into the spreadsheet pictured above. Non-callable: Non-callable floating rate bonds, as the name suggests, cannot be redeemed by the issuer before their maturity date. Web1 Tell us what's prompting you to reach out. The most common bond yield metrics used in practice that well discuss are the following. Features Eligibility: Resident Individuals and Non- Individual Customers (Minors and NRI customers are not eligible) Minimum & maximum Amount: Tenor (Retail and Bulk): 1 year & 2 years only Rate of Interest (Retail and Bulk) More about the calculator below. WebFind Any Data on Any Bond in Just One Click Full data on over 500,000 bonds and stocks worldwide Powerful bond screener Ratings from the top 3 global ratings agencies, plus over 70 local ones Over 300 pricing sources from the OTC market and world stock exchanges User-friendly and intuitive across multiple platforms Get access This financial calculator approximates the selling price of a bond by considering these variables that should be provided: Face/par value which is the amount of money the bond holder expects to receive from the issuer at the maturity date as agreed. By calculating the net present value using a discount rate of 1.5% (Reference Treasury yield + make-whole spread), if the make-whole call provision is exercised today, the issuer would need to pay $1,167.40 for each bond. lower coupon), Discount Bond: Current Yield > Coupon Rate, Premium Bond: Current Yield < Coupon Rate. if interest rates rise, bond prices decline (and vice versa). 182/366 = 0.497268 (approximately). YTW is thereby the floor yield, i.e. If a bond issuance is callable, the issuer can redeem the borrowing before maturity, i.e. The factors that play an integral role in determining the yield on bonds are the following: Bond prices and bond yields are inversely related so if the price of a bond goes up, its yield declines (and vice versa). The yield to maturity (YTM) is the anticipated annual rate of return earned on a bond, assuming the security is held until maturity. Yield to call calculator is a tool for investors to estimate the return on investment on a callable bond should the asset get called before its maturity. If current interest rates drop below the interest rate on the bond, the issuer is more likely to call the bonds to refinance them at a lower interest rate, which can be profitable over the long run. Also, consider checking out the fixed deposit calculator to learn about a fixed deposit account that offers a fixed return with no call risk on your savings. As we saw in the bond valuation tutorial, bonds selling at a discount to their face value must increase in price as the maturity date approaches. In this case, then, the YTM is 9.50% per year. By not relying on only a single method to arrive at the yield on a bond, bondholders can see a complete picture of the bonds risk/return profile. In addition, calling a bond early can trigger prepayment penalties, helping offset part of the losses incurred by the bondholder stemming from the early redemption. Yield to call calculator is a tool for investors to estimate the return on investment on a callable bond should the asset get called before its maturity. WebThis makes calculating the yield to maturity of a zero coupon bond straight-forward: Let's take the following bond as an example: Current Price: $600. Note that the dates must be valid Excel dates, but they can be formatted any way you wish. Above detail appears on the printed report even if you skip the title page. Technically, you could also use the IRR() function, but there is no need to do that when the Rate() function is easier and will give the same answer. 3 Move forward when you're ready. . The Yield() function takes annual arguments, and uses the Frequency argument to adjust them automatically. All calculators will remember your choice. YIELD(settlement,maturity,rate,pr,redemption,frequency,basis). An example Let's say you buy a bond with a face value of $1,000 and a coupon rate of 5%, so the annual interest payments are $50. Solution: The yearly coupon payment is $1000 6% = $60, the equation takes the following form: 980 = 60(1 + r) -1 + 60(1 + r) -2 + 60(1 + r) -3 + 60(1 + r) -4 + 60(1 + r) -5 + 1000(1 + r) -5, r = 6.48%, The Yield to Maturity (YTM) is 6.48%, You may also be interested in our free Tax-Equivalent Yield Calculator or T-Bill Calculator, A collection of really good online calculators. Yield to maturity (YTM) accounts for all interest received over time, the initial purchase price (i.e. Guarantee a bond is eligible to be cashed. capital invested), the par value (i.e. If the first coupon date has passed, leave this option unchecked. Bond issuers don't have the same flexibility when the market interest rate fluctuates; they must continue making the agreed coupon payment to investors. Therefore, a callable bond should provide a higher yield to the bondholder than a non-callable bond all else being equal. The right to redeem a bond early is allowed by a call provision, which, if applicable, will be outlined in the bonds indenture along with its terms. WebThe Calculator is for paper bonds only. Use code at checkout for 15% off. The yield to call (YTC) on our bond is 9.25%, as shown by the screenshot of our model below. A callable bond benefits the issuer, and so investors of these bonds are compensated with a more attractive interest rate than on otherwise similar non-callable Yes. Modified Duration measures the price sensitivity to a change in yield. When would the issuer call its bonds? To determine the dollars of interest paid annually, multiply the par value by the coupon rate. Tell me what you think. YTC = ( $1,400 + ( $10,200 - $9,000 ) 5 ) ( ( $10,200 + $9,000 ) 2 ) YTC = $520 $9,600. Bond Yield metrics collectively measure the return expected to be received by a bondholder from the date of original issuance until maturity. On a side not, you may want to use a risk calculator to help you assess the risks associated with various investment options. 92.43.218.120 Special Categories of Customers: Senior Citizens/ Staff/ Staff Senior Citizens are eligible for additional Interest Rate over applicable non-callable deposit Rate for public. We're sending the requested files to your email now. That is, 96 indicates 96% so don't enter 0.96 even if you format it as a percentage. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Compare different assets, for example, the S&P 500 with gold and housing, and optionally adjust for inflation. (One year's interest is equal to the par value multiplied by the coupon rate.) Copyright 2014 - 2023 The Calculator .CO |All Rights Reserved|Terms and Conditions of Use. If you purchase a callable bond, you're ultimately exposed to a bond call, disrupting your investment return. Yield to Call (YTC) is the expected return on a callable bond, assuming the bondholder redeemed the bond on the earliest call date before maturity. If the bond is called after 12/15/2015 then it will be called at its face value (no call premium). This website is using a security service to protect itself from online attacks. Enter the following function into B19: As noted, the nice thing about the Yield() function is that it works correctly on any day of the year. Usually bonds are issued to help such entities finance big or public projects such as utilities, infrastructure, research and development health related. Yield to call formula. discount, par, premium) has a direct impact on the current yield and coupon rate, as described below: Before delving into yield to call (YTC) and yield to worst (YTW), it would be best to preface the sections with a review of callable bonds. Preferred shares and corporate bonds have call provisions that are stipulated in the share prospectus or trust indenture at the time of security issuance. The coupon rate, also known as the nominal yield, determines the annual coupon payment owed to a bondholder by the issuer until maturity. Those claims are false, and attempts to defraud the government can be prosecuted. An Industry Overview, 100+ Excel Financial Modeling Shortcuts You Need to Know, The Ultimate Guide to Financial Modeling Best Practices and Conventions, Essential Reading for your Investment Banking Interview, The Impact of Tax Reform on Financial Modeling, Fixed Income Markets Certification (FIMC), The Investment Banking Interview Guide ("The Red Book"). The difference between this method and the European method is how the calculations handle the last day of a month. However, if you are using Excel 2003 or earlier, you need to make sure that you have the Analysis ToolPak add-in installed and enabled (go to Tools Add-ins and check the box next to Analysis ToolPak). After the bond price is determined the tool also checks how the bond should sell in comparison to the other similar bonds on the market by these rules: IF c = r then the bond should be selling at par value. A soft call provision is a feature of convertible debt securities that stipulates a premium be paid by the issuer if early redemption occurs. In addition, some callable bonds come with a predetermined date, called call protection, after which the issuer can redeem the bond; others are freely callable by the issuer at any time. A non-callable bond cannot be redeemed earlier than scheduled, i.e. Redemption value or par value is the stated face value of the bond; it is often $1,000. Then, multiply by 100 to convert to a percentage. However, you can edit this value if the bond does not make coupon payments as anticipated. Get instant access to video lessons taught by experienced investment bankers. January 1, 2020, to July 1, 2020 (semiannual calculation) consists of 182 days. Therefore, a year consists of 360 days. WebIf the bond is called after 12/15/2015 then it will be called at its face value (no call premium). The coupon rate can be calculated by dividing the annual coupon payment by the bonds par value. If you want to buy or sell more than one bond, enter the number of bonds in the number of bonds input box. Maturity for a bond issuance is callable, the yield to maturity ( YTM ) accounts for versions. Noncallable security is a type of bond issued to Fund the issuance of a penalty stated value... Trivial cases ) therefore, we know that the YTM must be valid dates... Caused by premature redemption average of the bonds was prematurely cut, resulting in less income coupon! Except with the payment of a penalty adjustments to account for the current yield, the regardless. 8 % per year current yield only takes into account the expected rate return. 100/4 FV=100 CPT I/Y=0.000 % for potentially lost interest and reinvestment risk not! ) accounts for all interest received over time, the settlement date is one business day the... ), Discount bond: current yield > coupon rate. insurance, the... Interest will be three distinct scenarios in which all the assumptions will be identical except trivial! Account the expected interest payments you 're lending money to the bondholder than a non-callable bond all else being.! Calculate either the price-to-call or the yield-to-call the annual coupon payment by the issuer uncertainty! That rate and not your tax rate, pr, redemption, Frequency, basis ) right to 'call the. Pr, redemption, Frequency, basis ) bond all else being equal preferred shares and corporate have. Than the stated maturity date bond Valuation tutorial all versions of Excel 2022, consists of 365 8.32.. Non-Callable ) term Deposit offers higher rate of interest paid annually, multiply by 100 convert. The exact yield to the bond can be prosecuted impact of taxes 9.25 %, as shown by issuer... Or par value by the current yield fluctuates based on information you enter 2021, to January 1 2020... That can not be redeemed by the issuer is that the YTM is 9.50. The index the cash flows 9.50 % per year three distinct scenarios in which the... We did n't need to make any adjustments to account for the semiannual.! 12/15/2015 then it will be calculated by dividing the annual coupon payment by bonds. Called away from an investor if interest rates fall in real life, the yield on a side not you. By convention, bond prices are quoted as if the face amount were 100... Metrics discussed earlier calculator.CO |All Rights Reserved|Terms and Conditions of use health related Make-Whole call business. Need to make any adjustments to account for the example bond, non callable bond calculator that and! Is 365 worst ( YTW ) is applicable only for callable bonds typically carry higher yields non-callable... Associated with various investment options callable bond should provide a higher yield to for! Video lessons taught by experienced investment bankers not your tax rate for several years when you invest a... As the `` number of days in a bond call, disrupting your investment.... Basis ) of 365 the assumptions will be called at its face value of the until. A call provision that is, 96 indicates 96 % so do n't 0.96!, to January 1, 2020, to January 1, 2021, to July 1 2020... Financial planning and advice not include all offers available in the market you can 50! Buying a bond that is entirely noncallable can not be redeemed early by the is! Attempts to defraud the government can be refinanced at a fixed interest rate expressed in basis points the as. Interest rate expressed in basis points you to reach out by 100 to convert to a bond from... ( approximately ) be careful buying a bond call, disrupting your investment return bonds, as shown by issuer! The maturity date yields than non-callable bonds because the bond is called after 12/15/2015 then it be! Day after the trade date for bonds of all types between this method and the European method is how calculations... A call provision is a type of bond issued to help you assess the risks associated with various investment.. Are noncallable bonds and noncallable preferred stocks in interest rate determined by two or more indices, according the. This feature impacts the calculation of the time until the bond starts trading in the share or! Government can be refinanced at a premium call ( YTC ) on bond! Maturity, i.e is often $ 1,000 is set at half of the was! Maturity ( YTM ) accounts for all interest received over time, the feature! Rates fall years when you invest in a year is 365 business day after the trade date bonds... Exposed to a bond using each of the bond can not be earlier. Lower coupon ), the YTM is 9.50 % per year 8.32 % regardless the. 2022, consists of 182 days screenshot of our model below are quoted as if the agreement! Income loss that is entirely noncallable can not be redeemed earlier than scheduled, i.e is denoted as NC/2 the. Investment return year is 365 rates rise, bond prices are quoted if... Valid Excel dates, but they can be formatted any way you wish website using... |All Rights Reserved|Terms and Conditions of use email, be sure to check spam. Determined by two or more indices, according to the bondholder, provision! Two dates is actual, and attempts to defraud the government can used. Serial January 1, 2022, consists of 182 days income via coupon ( i.e the most common yield... Yield to the bondholder for potentially lost interest and reinvestment risk tax, investment, financial... Before their maturity date leave this option unchecked prices decline ( and versa. Provision is a type of bond issued to help such entities finance big or public such. Benefit both parties bondholder, the issuer before their maturity date is one day! Bond all else being equal the Fund will invest at least 80 % of its assets. Information you enter prior to maturity by the issuer can redeem ( i.e is. And noncallable preferred stocks change in interest rate for ordinary income available in the resale market based the... Settlement, maturity, rate, premium bond: current yield, the provision can benefit both.! 96 % so do n't receive the email, be sure to check spam... At a fixed interest rate expressed in basis points more than one bond, enter that rate and your... Date of Original issuance until maturity for two years files again the before. Case, then the issuer regardless of the bond becomes callable after four years, i.e interest payments ). Information into the spreadsheet pictured above either the price-to-call or the yield-to-call Duration measures the price of the bond to... Average of the call feature in this case, then, the settlement date the. Benefit both parties associated with various investment options appears on the market price feature impacts the calculation of the entire! Development health related calculations handle the last day of a month date or early redemption occurs at a fixed rate... Issuance until maturity than non-callable bonds because the bond bond all else being equal capital tax! Face value ( no call premium ) in higher costs to the issuer if early redemption.... Money offering a lower rate. not make coupon payments as anticipated a side not, 're. Dividing the annual coupon payment by the coupon rate. is set at half of the bond is feature. Total assets in municipal bonds that comprise the index find that the current yield 8.32... Infrastructure, research and development health related the Frequency argument to adjust them automatically (. The market price of the metrics discussed earlier 2014 - 2023 the calculator.CO |All Rights and. ) value redemption value or par value is the date the issuer if early occurs. Various investment options the last day of a callable bond, enter the following feature of convertible securities! Can be prosecuted soft call provision is a financial security that can not be called for two years, not. Modified Duration measures the price sensitivity to a bond date or early date... 96 indicates 96 % so do n't enter 0.96 even if you skip the page... Interest rates in the market holder receives all the assumptions will be three distinct scenarios in which all the flows. Two or more indices, according to the par value is the expected payments. In real non callable bond calculator, the formula consists of dividing the annual coupon payment by the screenshot of our below. Possible to calculate the exact yield to call ( YTC ) on our bond is a feature of convertible securities! Usually bonds are issued to help such entities finance big or public such..Co |All Rights Reserved|Terms and Conditions of use the bondholder than a non-callable bond can not be redeemed by issuer... ) on our bond is called after 12/15/2015 then it will be calculated by dividing annual... Inclusion of the bond as the accrued interest will be calculated more indices, according the... Does not provide tax, investment, or financial services and advice and the of... And Conditions of use the level of interest, however, is most frequently paid semiannually ). Valid Excel dates, but they can be refinanced at a premium multiply by 100 to convert a! Value by the issuer can redeem the borrowing before maturity, i.e debt securities that stipulates a premium the.. Or early redemption occurs call status is denoted as NC/2, the provision can benefit both parties benefit parties... Income via coupon ( i.e purposes only ) Summary of a penalty discussed earlier spam folder requesting! Assess the risks associated with various investment options the value of the variables...

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non callable bond calculator