Net yield calculator for BTPs and bonds

How the calculation works

Yield to maturity is the rate that makes what you pay today equal to everything you'll receive: the coupons and repayment at 100 at maturity. It's calculated twice, before and after tax.

• Tax: 12.5% for Italian and white-list government bonds, 26% for other bonds, on both coupons and the difference between 100 and the purchase price.
• Stamp duty: 0.20% a year on the value held, estimated on the purchase price.
• Simplifications: it ignores accrued interest paid at purchase, issue discount, coupons reinvested at different rates and inflation-linked bonds.

This tool is for understanding and comparing, not for choosing a specific bond. To think about how bonds fit into a plan, for example for money you'll need in the next few years, read the guide on the bucket strategy.