Floating rate bonds and little duration.

prodigal

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Hello all
can someone help me understand why floating rate bonds have little duration?
 
Floating-rate bonds have very low effective duration; not modified duration, and not Macaulay duration.
Recall from Level I that when a bond’s coupon rate is the same as its YTM, it sells at par. Because a floating-rate bond’s coupon rate resets to market interest rates, its price is always extremely close to par. (It may vary a little between coupon payment dates, but not much.) Very little price change means very short effective duration.
 
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