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عمومی::
حساسیت قیمت
All other factors constant, the longer the maturity of a bond, the greater is the bond's price sensitivity to changes in interest rates.
An implication is that zero-coupon bonds have greater price sensitivity to interest rate changes than same-maturity bonds bearing a coupon rate and trading at the same yield.
How, then, holding other factors constant, does the level of interest rates affect a bond's price sensitivity to changes in interest rates?
As it turns out, the higher the level of interest rates that a bond trades, the lower the price sensitivity is.
An implication of this is that, for a given change in interest rates, price sensitivity is lower when the level of interest rates in the market is high, and price sensitivity is higher when the level of interest rates is low.
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