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@beauharnais Probably to do with payment schedules in this case, if we assume r=0, a bond that pays $25 every 3 months is less risky than a bond that pays $100 in a year’s time, so the $100 in a year bond should be cheaper and therefore have a higher YTM

@tomaspianist To add to this, this is why you should look at yield to maturity, not just yield. In this example the YTM of the 100k FV bond is 100%