{"id":168,"date":"2025-11-12T08:16:59","date_gmt":"2025-11-12T08:16:59","guid":{"rendered":"https:\/\/m4markets.site\/media-kor\/?p=168"},"modified":"2026-02-02T10:39:06","modified_gmt":"2026-02-02T10:39:06","slug":"bond-yield-analysis-guide","status":"publish","type":"post","link":"https:\/\/m4markets.site\/media-kor\/bond-yield-analysis-guide\/","title":{"rendered":"\ucc44\uad8c \uc218\uc775\ub960 \uc124\uba85: \uacc4\uc0b0, \uc720\ud615 \ubc0f \ud22c\uc790 \ubd84\uc11d \ud65c\uc6a9"},"content":{"rendered":"\n<p>\ucc44\uad8c \ud22c\uc790\ub97c \uace0\ub824\ud558\uace0 \uacc4\uc2e0\uac00\uc694? \ucc44\uad8c \uc218\uc775\ub960\uc758 \uac1c\ub150\uc744 \uc774\ud574\ud558\ub294 \uac83\uc740 \ud604\uba85\ud55c \ud22c\uc790 \uacb0\uc815\uc758 \ucd9c\ubc1c\uc810\uc785\ub2c8\ub2e4. \uc774 \uac00\uc774\ub4dc\uc5d0\uc11c\ub294 \ucc44\uad8c \uc218\uc775\ub960\uc774 \ubb34\uc5c7\uc778\uc9c0, \uc5b4\ub5bb\uac8c \uacc4\uc0b0\ud558\ub294\uc9c0, \uadf8\ub9ac\uace0 \ud22c\uc790 \ubd84\uc11d\uc5d0\uc11c \uc5b4\ub5bb\uac8c \ud65c\uc6a9\ud560 \uc218 \uc788\ub294\uc9c0 \uccb4\uacc4\uc801\uc73c\ub85c \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uc758 \uc815\uc758\uc640 \ud575\uc2ec \uac1c\ub150<\/strong><\/h2>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960(bond yield)\uc740 \ucc44\uad8c \ud22c\uc790\ub85c\ubd80\ud130 \uc5bb\uc744 \uc218 \uc788\ub294 \uc218\uc775\uc758 \ucc99\ub3c4\uc785\ub2c8\ub2e4. \ub2e8\uc21c\ud788 \ucc44\uad8c\uc774 \uc9c0\uae09\ud558\ub294 \uc774\uc790\ub9cc\uc744 \uc758\ubbf8\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \ucc44\uad8c\uc758 \ud604\uc7ac \uc2dc\uc7a5 \uac00\uaca9, \uc561\uba74\uac00, \ucfe0\ud3f0 \uc774\uc790\uc728, \ub9cc\uae30\uae4c\uc9c0 \ub0a8\uc740 \uae30\uac04 \ub4f1 \uc5ec\ub7ec \uc694\uc18c\ub97c \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud55c \uc218\uc775\ub960\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, 100\ub9cc \uc6d0\uc9dc\ub9ac \ucc44\uad8c\uc744 95\ub9cc \uc6d0\uc5d0 \uad6c\ub9e4\ud588\ub2e4\uba74, \uc2e4\uc81c \uc218\uc775\ub960\uc740 \ucc44\uad8c\uc774 \uba85\uc2dc\ud55c \uc774\uc790\uc728\ubcf4\ub2e4 \ub192\uc544\uc9d1\ub2c8\ub2e4. \uc774\ucc98\ub7fc \ucc44\uad8c \uc218\uc775\ub960\uc740 \ud22c\uc790\uc790\uac00 \uc2e4\uc81c\ub85c \uc5bb\uac8c \ub420 \uc218\uc775\uc744 \ubcf4\ub2e4 \uc815\ud655\ud558\uac8c \ubc18\uc601\ud558\ub294 \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uc758 \uc791\ub3d9 \uc6d0\ub9ac<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc740 \ub450 \uac00\uc9c0 \uc8fc\uc694 \uc694\uc18c\ub85c \uad6c\uc131\ub429\ub2c8\ub2e4. \uccab\uc9f8\ub294 \uc815\uae30\uc801\uc73c\ub85c \uc9c0\uae09\ub418\ub294 \uc774\uc790 \uc218\uc775\uc774\uace0, \ub458\uc9f8\ub294 \ucc44\uad8c \uad6c\ub9e4 \uac00\uaca9\uacfc \ub9cc\uae30 \uc2dc \ubc1b\uac8c \ub420 \uae08\uc561 \uc0ac\uc774\uc758 \ucc28\uc774\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc790\ubcf8 \uc774\ub4dd \ub610\ub294 \uc190\uc2e4\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucc44\uad8c\uc744 \uc561\uba74\uac00\ubcf4\ub2e4 \ub0ae\uc740 \ud560\uc778\uac00\uaca9\uc5d0 \ub9e4\uc785\ud588\ub2e4\uba74, \ub9cc\uae30 \uc2dc \uc561\uba74\uac00\ub97c \ubc1b\uc744 \ub54c \ucd94\uac00 \uc218\uc775\uc774 \ubc1c\uc0dd\ud569\ub2c8\ub2e4. \ubc18\ub300\ub85c \ud504\ub9ac\ubbf8\uc5c4 \uac00\uaca9(\uc561\uba74\uac00\ubcf4\ub2e4 \ub192\uc740 \uac00\uaca9)\uc5d0 \ub9e4\uc785\ud588\ub2e4\uba74, \uc774 \ubd80\ubd84\uc5d0\uc11c \uc190\uc2e4\uc774 \ubc1c\uc0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc774 \ub450 \uc694\uc18c\ub97c \ubaa8\ub450 \uace0\ub824\ud574 \ucc44\uad8c\uc758 \uc2e4\uc81c \uc218\uc775\ub960\uc744 \ud3c9\uac00\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2dc\uc7a5 \uae08\ub9ac\uc758 \ubcc0\ub3d9\ub3c4 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \uc2dc\uc7a5 \uae08\ub9ac\uac00 \uc0c1\uc2b9\ud558\uba74 \uae30\uc874\uc5d0 \ubc1c\ud589\ub41c \ucc44\uad8c\uc758 \uace0\uc815 \uc774\uc790\uc728\uc740 \uc0c1\ub300\uc801\uc73c\ub85c \ub9e4\ub825\uc774 \ub5a8\uc5b4\uc9c0\uace0, \uc774\uc5d0 \ub530\ub77c \ucc44\uad8c \uac00\uaca9\uc740 \ud558\ub77d\ud558\uba74\uc11c \uc218\uc775\ub960\uc774 \uc0c1\uc2b9\ud558\ub294 \uad6c\uc870\uc785\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uae08\ub9ac\uc640 \uc218\uc775\ub960\uc758 \ubcc0\ud654\ub294 \ucc44\uad8c \uc2dc\uc7a5\uc5d0\ub9cc \uad6d\ud55c\ub418\uc9c0 \uc54a\uace0, \uc790\ubcf8 \ube44\uc6a9\uacfc \ud22c\uc790 \uc2ec\ub9ac\ub97c \ud1b5\ud574 <a href=\"https:\/\/m4markets.site\/markets\/indices-cfd\/\">\uc8fc\uc694 \uae00\ub85c\ubc8c \uc9c0\uc218 \uc2dc\uc7a5<\/a>\uc5d0\ub3c4 \uc9c1\uc811\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\uce58\uba70 \uc8fc\uc2dd \uc2dc\uc7a5 \uc804\ubc18\uc758 \ubc29\ud5a5\uc131\uc744 \uacb0\uc815\ud558\ub294 \ud575\uc2ec \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960 \uc9c0\uae09 \ubc29\uc2dd<\/strong><\/h3>\n\n\n\n<p>\ub300\ubd80\ubd84\uc758 \ucc44\uad8c\uc740 \uace0\uc815\ub41c \ucfe0\ud3f0 \uc774\uc790\uc728\ub85c \uc815\uae30\uc801\uc778 \uc774\uc790\ub97c \uc9c0\uae09\ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc5f0 4% \ucfe0\ud3f0\uc758 1\uc5b5 \uc6d0 \ucc44\uad8c\uc740 \uc5f0\uac04 400\ub9cc \uc6d0\uc758 \uc774\uc790\ub97c \uc9c0\uae09\ud558\uba70, \ubcf4\ud1b5 \ubc18\uae30\ubcc4\ub85c 200\ub9cc \uc6d0\uc529 \ub098\ub204\uc5b4 \uc9c0\uae09\ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\uc790 \uc9c0\uae09 \uc8fc\uae30\ub294 \ucc44\uad8c \uc885\ub958\uc5d0 \ub530\ub77c \ub2e4\uc591\ud569\ub2c8\ub2e4. \uc77c\ubd80 \ucc44\uad8c\uc740 \uc6d4\ubcc4, \ubd84\uae30\ubcc4 \ub610\ub294 \uc5f0\uac04 \uc9c0\uae09 \ubc29\uc2dd\uc744 \ucc44\ud0dd\ud558\uae30\ub3c4 \ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc758 \ud604\uae08 \ud750\ub984 \ud544\uc694\uc5d0 \ub9de\ucdb0 \uc801\uc808\ud55c \uc9c0\uae09 \uc8fc\uae30\uc758 \ucc44\uad8c\uc744 \uc120\ud0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc9c0\uae09 \ubc29\uc2dd\uc740 \ucc44\uad8c\uc758 \uc2e4\uc9c8 \uc218\uc775\ub960\uc5d0\ub3c4 \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4. \ub354 \uc790\uc8fc \uc774\uc790\ub97c \ubc1b\uc744\uc218\ub85d \uc7ac\ud22c\uc790 \uae30\ud68c\uac00 \ub298\uc5b4\ub098\uba70, \ubcf5\ub9ac \ud6a8\uacfc\ub97c \ud1b5\ud574 \uc804\uccb4 \uc218\uc775\uc744 \uc99d\ub300\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ubb34\ucfe0\ud3f0 \ucc44\uad8c\uc758 \uc218\uc775\ub960<\/strong><\/h3>\n\n\n\n<p>\ubb34\ucfe0\ud3f0 \ucc44\uad8c(zero-coupon bond)\uc740 \uc815\uae30\uc801\uc778 \uc774\uc790 \uc9c0\uae09 \uc5c6\uc774 \ud560\uc778\ub41c \uac00\uaca9\uc73c\ub85c \ubc1c\ud589\ub418\uc5b4 \ub9cc\uae30 \uc2dc \uc561\uba74\uac00\ub97c \uc9c0\uae09\ud558\ub294 \ud2b9\uc218\ud55c \ud615\ud0dc\uc758 \ucc44\uad8c\uc785\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 10\ub144 \ub9cc\uae30 \uc561\uba74\uac00 100\ub9cc \uc6d0 \ucc44\uad8c\uc744 \uc9c0\uae08 60\ub9cc \uc6d0\uc5d0 \uad6c\ub9e4\ud558\uba74, \ub9cc\uae30 \uc2dc 40\ub9cc \uc6d0\uc758 \uc218\uc775\uc744 \uc5bb\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubb34\ucfe0\ud3f0 \ucc44\uad8c\uc758 \uc218\uc775\ub960\uc740 \uad6c\ub9e4 \uac00\uaca9\uacfc \uc561\uba74\uac00\uc758 \ucc28\uc774\uc5d0\uc11c\ub9cc \ubc1c\uc0dd\ud569\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ud2b9\uc131 \ub54c\ubb38\uc5d0 \ubb34\ucfe0\ud3f0 \ucc44\uad8c\uc740 \uc815\uae30\uc801\uc778 \ud604\uae08 \ud750\ub984\uc774 \ud544\uc694 \uc5c6\uace0, \ud2b9\uc815 \ubbf8\ub798 \uc2dc\uc810\uc5d0 \ud655\uc815\ub41c \uae08\uc561\uc774 \ud544\uc694\ud55c \ud22c\uc790\uc790\uc5d0\uac8c \uc801\ud569\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud55c \uac00\uc9c0 \uc720\uc758\ud560 \uc810\uc740 \uc138\uae08 \uce21\uba74\uc785\ub2c8\ub2e4. \uc77c\ubd80 \uad6d\uac00\uc5d0\uc11c\ub294 \uc2e4\uc81c\ub85c \uc774\uc790\ub97c \ubc1b\uc9c0 \uc54a\uc558\ub354\ub77c\ub3c4 \ub9e4\ub144 \ubc1c\uc0dd\ud55c \uc774\uc790 \uc218\uc775\uc5d0 \ub300\ud574 \uacfc\uc138\ud560 \uc218 \uc788\uc73c\ubbc0\ub85c, \ud22c\uc790 \uc804 \uc138\uae08 \uc601\ud5a5\uc744 \uace0\ub824\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uacfc \uac00\uaca9\uc758 \uad00\uacc4<\/strong><\/h2>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc740 \ud22c\uc790\uc790\uac00 \uc5bb\ub294 \uc2e4\uc9c8\uc801\uc778 \uc774\uc775\uc744 \ub098\ud0c0\ub0b4\uc9c0\ub9cc, \uc774 \uc9c0\ud45c\ub294 <strong>\ucc44\uad8c \uac00\uaca9<\/strong>\uacfc \ub5c4 \uc218 \uc5c6\ub294 \uad00\uacc4\ub97c \ub9fa\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc5b4\uc11c \ucc44\uad8c\uc758 \uc2dc\uc7a5 \uac00\uaca9\uacfc \uc218\uc775\ub960\uc774 \uc5b4\ub5bb\uac8c \uc0c1\ud638\uc791\uc6a9\ud558\ub294\uc9c0, \uadf8\ub9ac\uace0 \uc774 \uc5ed\uad00\uacc4\uac00 \ud22c\uc790\uc5d0 \uc5b4\ub5a4 \uc758\ubbf8\ub97c \uac00\uc9c0\ub294\uc9c0 \uc2ec\uce35\uc801\uc73c\ub85c \uc0b4\ud3b4\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uacfc \ucc44\uad8c \uac00\uaca9\uc758 \ucc28\uc774<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uacfc \ucc44\uad8c \uac00\uaca9\uc740 \uc11c\ub85c \ub2e4\ub978 \uac1c\ub150\uc785\ub2c8\ub2e4. \ucc44\uad8c \uac00\uaca9\uc740 \ucc44\uad8c\uc744 \uc0ac\uace0\ud314 \ub54c\uc758 \uc2dc\uc7a5 \uac70\ub798 \uac00\uaca9\uc744 \uc758\ubbf8\ud558\uba70, \uc218\uc2dc\ub85c \ubcc0\ub3d9\ud569\ub2c8\ub2e4. \ubc18\uba74 \ucc44\uad8c \uc218\uc775\ub960\uc740 \ud574\ub2f9 \uac00\uaca9\uc5d0\uc11c \ud22c\uc790\ud588\uc744 \ub54c \uc5bb\uc744 \uc218 \uc788\ub294 \uc218\uc775\ub960\uc744 \ub098\ud0c0\ub0b4\ub294 \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, \uc561\uba74\uac00 1,000\ub9cc \uc6d0, \uc5f0 5% \ucfe0\ud3f0\uc758 \ucc44\uad8c\uc774 950\ub9cc \uc6d0\uc5d0 \uac70\ub798\ub418\uace0 \uc788\ub2e4\uba74, \ucc44\uad8c \uac00\uaca9\uc740 950\ub9cc \uc6d0\uc774\uc9c0\ub9cc \uc2e4\uc81c \uc218\uc775\ub960\uc740 5%\ubcf4\ub2e4 \ub192\uc544\uc9d1\ub2c8\ub2e4. \uc774\ub294 \ud560\uc778\ub41c \uac00\uaca9\uc5d0 \ub9e4\uc785\ud588\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\uad6c\ubd84<\/strong><\/td><td><strong>\ucc44\uad8c \uac00\uaca9<\/strong><\/td><td><strong>\ucc44\uad8c \uc218\uc775\ub960<\/strong><\/td><\/tr><tr><td>\uc758\ubbf8<\/td><td>\uc2dc\uc7a5 \uac70\ub798\uac00\uaca9<\/td><td>\ud22c\uc790 \uc218\uc775\ub960 \uc9c0\ud45c<\/td><\/tr><tr><td>\ubcc0\ub3d9\uc131<\/td><td>\uc2dc\uc7a5 \uc0c1\ud669\uc5d0 \ub530\ub77c \uc218\uc2dc \ubcc0\ub3d9<\/td><td>\uac00\uaca9 \ubcc0\ub3d9\uc5d0 \ub530\ub77c \uc5ed\ubc29\ud5a5 \uc774\ub3d9<\/td><\/tr><tr><td>\ud22c\uc790\uc790 \uad00\uc2ec<\/td><td>\ub9e4\uc218\/\ub9e4\ub3c4 \uc2dc\uc810 \ud310\ub2e8<\/td><td>\ud22c\uc790 \uac00\uce58 \ud3c9\uac00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc5ed\uad00\uacc4 \uc6d0\ub9ac \uc124\uba85<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uacfc \uac00\uaca9\uc740 \ubc18\ube44\ub840 \uad00\uacc4\uc5d0 \uc788\uc2b5\ub2c8\ub2e4. \ucc44\uad8c \uac00\uaca9\uc774 \uc624\ub974\uba74 \uc218\uc775\ub960\uc740 \ub0b4\ub824\uac00\uace0, \ucc44\uad8c \uac00\uaca9\uc774 \ub0b4\ub824\uac00\uba74 \uc218\uc775\ub960\uc740 \uc62c\ub77c\uac11\ub2c8\ub2e4. \uc774\ub294 \ucc44\uad8c \ud22c\uc790\uc758 \uac00\uc7a5 \uae30\ubcf8\uc801\uc774\uba74\uc11c\ub3c4 \uc911\uc694\ud55c \uc6d0\ub9ac\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uad6c\uccb4\uc801\uc778 \uc608\ub97c \ub4e4\uc5b4\ubcf4\uaca0\uc2b5\ub2c8\ub2e4. \uc561\uba74\uac00 100\ub9cc \uc6d0, \uc5f0 4% \ucfe0\ud3f0\uc758 \ucc44\uad8c\uc774 \uc788\ub2e4\uace0 \uac00\uc815\ud569\uc2dc\ub2e4. \uc774 \ucc44\uad8c\uc744 100\ub9cc \uc6d0\uc5d0 \ub9e4\uc785\ud558\uba74 \uc218\uc775\ub960\uc740 4%\uc785\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc2dc\uc7a5\uc5d0\uc11c \uc774 \ucc44\uad8c\uc758 \uac00\uaca9\uc774 95\ub9cc \uc6d0\uc73c\ub85c \ud558\ub77d\ud588\ub2e4\uba74, \uc0c8\ub85c\uc6b4 \ub9e4\uc785\uc790\ub294 \uc5f0\uac04 4\ub9cc \uc6d0\uc758 \uc774\uc790\ub97c \ubc1b\uc73c\uba74\uc11c \ub9cc\uae30 \uc2dc 5\ub9cc \uc6d0\uc758 \uc790\ubcf8 \uc774\ub4dd\ub3c4 \uc5bb\uac8c \ub418\ubbc0\ub85c \uc2e4\uc9c8 \uc218\uc775\ub960\uc774 4%\ubcf4\ub2e4 \ub192\uc544\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc774\ub7ec\ud55c \uc5ed\uad00\uacc4\uac00 \ubc1c\uc0dd\ud558\ub294 \uc774\uc720\ub294 \ucc44\uad8c\uc758 \ucfe0\ud3f0 \uc774\uc790\uc728\uc774 \uace0\uc815\ub418\uc5b4 \uc788\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \uc2dc\uc7a5 \uae08\ub9ac\uac00 \uc0c1\uc2b9\ud574 \uc0c8\ub85c \ubc1c\ud589\ub418\ub294 \ucc44\uad8c\uc758 \uc774\uc790\uc728\uc774 \ub192\uc544\uc9c0\uba74, \uae30\uc874 \ucc44\uad8c\uc758 \ub0ae\uc740 \uace0\uc815 \uc774\uc790\uc728\uc740 \ub9e4\ub825\uc774 \ub5a8\uc5b4\uc9c0\uace0 \uac00\uaca9\uc774 \ud558\ub77d\ud569\ub2c8\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc218\uc775\ub960\uc774 \uc2dc\uc7a5 \uae08\ub9ac \uc218\uc900\uc73c\ub85c \uc870\uc815\ub418\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc561\uba74\uac00\uac00 \uad00\uacc4\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5<\/strong><\/h3>\n\n\n\n<p>\uc561\uba74\uac00(par value)\ub294 \ucc44\uad8c \ubc1c\ud589 \uc2dc \uc124\uc815\ub41c \uba85\ubaa9 \uac00\uce58\ub85c, \ub9cc\uae30 \uc2dc \ucc44\uad8c \ubcf4\uc720\uc790\uc5d0\uac8c \uc9c0\uae09\ub418\ub294 \uae08\uc561\uc785\ub2c8\ub2e4. \uc561\uba74\uac00\ub294 \ucc44\uad8c \uac00\uaca9\uacfc \uc218\uc775\ub960\uc758 \uad00\uacc4\ub97c \uc774\ud574\ud558\ub294 \ub370 \uc911\uc694\ud55c \uae30\uc900\uc810 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucc44\uad8c\uc774 \uc561\uba74\uac00\ub85c \uac70\ub798\ub420 \ub54c, \ud604\uc7ac \uc218\uc775\ub960\uc740 \ucfe0\ud3f0 \uc774\uc790\uc728\uacfc \uac19\uc2b5\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \ucc44\uad8c\uc774 \ud560\uc778\uac00\uaca9(\uc561\uba74\uac00 \uc774\ud558)\uc73c\ub85c \uac70\ub798\ub418\uba74 \uc218\uc775\ub960\uc774 \ucfe0\ud3f0 \uc774\uc790\uc728\ubcf4\ub2e4 \ub192\uc544\uc9c0\uace0, \ud504\ub9ac\ubbf8\uc5c4 \uac00\uaca9(\uc561\uba74\uac00 \uc774\uc0c1)\uc73c\ub85c \uac70\ub798\ub418\uba74 \uc218\uc775\ub960\uc774 \ucfe0\ud3f0 \uc774\uc790\uc728\ubcf4\ub2e4 \ub0ae\uc544\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud22c\uc790\uc790\ub294 \uc561\uba74\uac00\ub97c \uae30\uc900\uc73c\ub85c \ud604\uc7ac \ucc44\uad8c\uc774 \uc800\ud3c9\uac00 \ub610\ub294 \uace0\ud3c9\uac00 \uc0c1\ud0dc\uc778\uc9c0 \ud310\ub2e8\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc2e0\uc6a9\ub3c4\uac00 \ub192\uc740 \ucc44\uad8c\uc774 \uc561\uba74\uac00 \ub300\ube44 \ud06c\uac8c \ud560\uc778\ub41c \uac00\uaca9\uc5d0 \uac70\ub798\ub41c\ub2e4\uba74, \uc774\ub294 \ub9e4\uc218 \uae30\ud68c\uac00 \ub420 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8, \ud560\uc778 \uc774\uc720\uac00 \ubc1c\ud589 \uae30\uad00\uc758 \uc2e0\uc6a9\ub3c4 \uc545\ud654 \ub54c\ubb38\uc774\ub77c\uba74 \uc2e0\uc911\ud55c \uc811\uadfc\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-swl-deep-02-background-color has-background wp-element-button\" href=\"https:\/\/secure.m4markets.site\/ko\/register\/\"><strong>\uc9c0\uae08 \ub4f1\ub85d\ud558\uae30<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960 \uacf5\uc2dd\uacfc \uacc4\uc0b0<\/strong><\/h2>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uacfc \uac00\uaca9\uc758 \uc5ed\uad00\uacc4\ub294 \ud30c\uc545\ud588\uc9c0\ub9cc, \uc2e4\uc81c\ub85c \ud22c\uc790 \uacb0\uc815\uc744 \ub0b4\ub9ac\uae30 \uc704\ud574\uc11c\ub294 \uc774 \uc218\uc775\ub960\uc744 <strong>\uc815\ud655\ud558\uac8c \uacc4\uc0b0<\/strong>\ud560 \uc904 \uc54c\uc544\uc57c \ud569\ub2c8\ub2e4. \uc774\uc81c \ucfe0\ud3f0 \uc218\uc775\ub960\ubd80\ud130 \ub9cc\uae30 \uc218\uc775\ub960(YTM)\uc5d0 \uc774\ub974\uae30\uae4c\uc9c0, \ub2e4\uc591\ud55c \uc218\uc775\ub960 \uacc4\uc0b0\uc758 \uc6d0\ub9ac\uc640 \uacf5\uc2dd\ub4e4\uc744 \uc790\uc138\ud788 \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960 \uacf5\uc2dd\uc758 \uc6d0\ub9ac<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\ub294 \uacf5\uc2dd\uc740 \uc5ec\ub7ec \uac00\uc9c0\uac00 \uc788\uc73c\uba70, \uac01\uac01 \ub2e4\ub978 \uad00\uc810\uc5d0\uc11c \uc218\uc775\ub960\uc744 \uce21\uc815\ud569\ub2c8\ub2e4. \uae30\ubcf8 \uc6d0\ub9ac\ub294 \ucc44\uad8c\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \ucd1d \uc218\uc775\uc744 \ud22c\uc790\ud55c \uae08\uc561\uc73c\ub85c \ub098\ub204\ub294 \uac83\uc774\uc9c0\ub9cc, \uc2dc\uac04 \uac00\uce58\uc640 \ud604\uae08 \ud750\ub984\uc758 \ud0c0\uc774\ubc0d\uc744 \uc5b4\ub5bb\uac8c \uace0\ub824\ud558\ub290\ub0d0\uc5d0 \ub530\ub77c \uacc4\uc0b0 \ubc29\uc2dd\uc774 \ub2ec\ub77c\uc9d1\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uac00\uc7a5 \uac04\ub2e8\ud55c \ud615\ud0dc\ub294 \uba85\ubaa9 \uc218\uc775\ub960(nominal yield)\ub85c, \ub2e8\uc21c\ud788 \ucfe0\ud3f0 \uc774\uc790\uc728\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \ud558\uc9c0\ub9cc \uc774\ub294 \ucc44\uad8c\uc758 \uc2dc\uc7a5 \uac00\uaca9\uc744 \ubc18\uc601\ud558\uc9c0 \ubabb\ud558\ubbc0\ub85c \uc2e4\uc81c \ud22c\uc790 \uc218\uc775\uc744 \uc815\ud655\ud788 \ub098\ud0c0\ub0b4\uc9c0 \ubabb\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub354 \uc815\uad50\ud55c \uc218\uc775\ub960 \uc9c0\ud45c\ub4e4\uc740 \ucc44\uad8c\uc758 \ud604\uc7ac \uc2dc\uc7a5 \uac00\uaca9, \ub0a8\uc740 \ub9cc\uae30 \uae30\uac04, \uadf8\ub9ac\uace0 \ubbf8\ub798\uc5d0 \ubc1b\uac8c \ub420 \ubaa8\ub4e0 \ud604\uae08 \ud750\ub984\uc744 \uace0\ub824\ud569\ub2c8\ub2e4. \uc774\ub97c \ud1b5\ud574 \ud22c\uc790\uc790\ub294 \ucc44\uad8c\uc758 \uc2e4\uc9c8\uc801\uc778 \uc218\uc775\ub960\uc744 \ud30c\uc545\ud558\uace0, \ub2e4\ub978 \ud22c\uc790 \uae30\ud68c\uc640 \ube44\uad50\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud604\uc7ac \uc218\uc775\ub960 \uacc4\uc0b0 \ubd84\uc11d<\/strong><\/h3>\n\n\n\n<p>\ud604\uc7ac \uc218\uc775\ub960(current yield)\uc740 \uac00\uc7a5 \uae30\ubcf8\uc801\uc774\uba74\uc11c\ub3c4 \ub110\ub9ac \uc0ac\uc6a9\ub418\ub294 \uc218\uc775\ub960 \uc9c0\ud45c\uc785\ub2c8\ub2e4. \uacc4\uc0b0 \uacf5\uc2dd\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:<\/p>\n\n\n\n<p><strong>\ud604\uc7ac \uc218\uc775\ub960 = (\uc5f0\uac04 \ucfe0\ud3f0 \uc774\uc790 \u00f7 \ud604\uc7ac \ucc44\uad8c \uac00\uaca9) \u00d7 100<\/strong><\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, \uc561\uba74\uac00 1,000\ub9cc \uc6d0, \uc5f0 5% \ucfe0\ud3f0\uc758 \ucc44\uad8c\uc774 950\ub9cc \uc6d0\uc5d0 \uac70\ub798\ub418\uace0 \uc788\ub2e4\uba74:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc5f0\uac04 \ucfe0\ud3f0 \uc774\uc790: 1,000\ub9cc \uc6d0 \u00d7 5% = 50\ub9cc \uc6d0<\/li>\n\n\n\n<li>\ud604\uc7ac \uc218\uc775\ub960: (50\ub9cc \uc6d0 \u00f7 950\ub9cc \uc6d0) \u00d7 100 = 5.26%<\/li>\n<\/ul>\n\n\n\n<p>\ud604\uc7ac \uc218\uc775\ub960\uc740 \uacc4\uc0b0\uc774 \uac04\ub2e8\ud558\uace0 \uc9c1\uad00\uc801\uc774\uc9c0\ub9cc, \ub9cc\uae30 \uc2dc \ubc1b\uac8c \ub420 \uc561\uba74\uac00\uc640 \ud604\uc7ac \uac00\uaca9\uc758 \ucc28\uc774\ub97c \uace0\ub824\ud558\uc9c0 \uc54a\ub294\ub2e4\ub294 \ud55c\uacc4\uac00 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \ucc44\uad8c\uc758 \uc804\uccb4 \ud22c\uc790 \uae30\uac04 \uc218\uc775\ub960\uc744 \uc815\ud655\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \ud604\uc7ac \uc218\uc775\ub960\uc740 \ucc44\uad8c\uc758 \uc989\uac01\uc801\uc778 \uc218\uc775 \ucc3d\ucd9c \ub2a5\ub825\uc744 \ube60\ub974\uac8c \ud30c\uc545\ud560 \uc218 \uc788\uc5b4, \uc815\uae30\uc801\uc778 \ud604\uae08 \ud750\ub984\uc774 \uc911\uc694\ud55c \ud22c\uc790\uc790\uc5d0\uac8c \uc720\uc6a9\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ub9cc\uae30 \uc218\uc775\ub960 \uacc4\uc0b0 \uc6d0\ub9ac<\/strong><\/h3>\n\n\n\n<p>\ub9cc\uae30 \uc218\uc775\ub960(Yield to Maturity, YTM)\uc740 \ucc44\uad8c\uc744 \ud604\uc7ac \uac00\uaca9\uc5d0 \ub9e4\uc785\ud574 \ub9cc\uae30\uae4c\uc9c0 \ubcf4\uc720\ud560 \uacbd\uc6b0 \uc5bb\uac8c \ub418\ub294 \ucd1d \uc218\uc775\ub960\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4. \uc774\ub294 \ubaa8\ub4e0 \ucfe0\ud3f0 \uc774\uc790 \uc9c0\uae09\uacfc \ub9cc\uae30 \uc2dc \uc561\uba74\uac00 \uc0c1\ud658\uc744 \ubaa8\ub450 \uace0\ub824\ud55c \uc885\ud569\uc801\uc778 \uc218\uc775\ub960 \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>YTM \uacc4\uc0b0\uc740 \ud604\uae08 \ud750\ub984\uc758 \ud604\uc7ac \uac00\uce58\ub97c \uace0\ub824\ud558\ub294 \ubcf5\uc7a1\ud55c \uacfc\uc815\uc744 \ud3ec\ud568\ud569\ub2c8\ub2e4. \uae30\ubcf8 \uac1c\ub150\uc740 \ucc44\uad8c\uc758 \ud604\uc7ac \uac00\uaca9\uc774 \ubbf8\ub798\uc5d0 \ubc1b\uac8c \ub420 \ubaa8\ub4e0 \ud604\uae08 \ud750\ub984\uc758 \ud604\uc7ac \uac00\uce58 \ud569\uacc4\uc640 \uac19\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uac04\ub2e8\ud55c \uadfc\uc0ac \uacf5\uc2dd\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:<\/p>\n\n\n\n<p><strong>YTM \u2248 [\uc5f0\uac04 \ucfe0\ud3f0 \uc774\uc790 + (\uc561\uba74\uac00 &#8211; \ud604\uc7ac\uac00\uaca9) \u00f7 \ub9cc\uae30\uae4c\uc9c0 \uc5f0\uc218] \u00f7 [(\uc561\uba74\uac00 + \ud604\uc7ac\uac00\uaca9) \u00f7 2]<\/strong><\/p>\n\n\n\n<p>\uc815\ud655\ud55c YTM \uacc4\uc0b0\uc740 \ubc18\ubcf5\uc801\uc778 \uc2dc\ud589\ucc29\uc624\ub098 \uae08\uc735 \uacc4\uc0b0\uae30\ub97c \uc0ac\uc6a9\ud574\uc57c \ud558\uc9c0\ub9cc, \uc774 \uadfc\uc0ac \uacf5\uc2dd\uc740 \ub300\ub7b5\uc801\uc778 \uc218\uc775\ub960\uc744 \ube60\ub974\uac8c \ud30c\uc545\ud558\ub294 \ub370 \ub3c4\uc6c0\uc774 \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uc758 \uc720\ud615<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Types-of-Bond-Yields-Metrics-1024x683.webp\" alt=\"\ucfe0\ud3f0-\ud604\ud589-\ub9cc\uae30\uc218\uc775\ub960-\ub4f1-\ub2e4\uc591\ud55c-\ucc44\uad8c-\uc218\uc775\ub960-\uc720\ud615\uc744-\ubcf4\uc5ec\uc8fc\ub294-\uad6c\ubd84\ub41c-\ub514\uc9c0\ud138-\uc694\uc18c-\uc774\ubbf8\uc9c0\" class=\"wp-image-172\" srcset=\"https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Types-of-Bond-Yields-Metrics-1024x683.webp 1024w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Types-of-Bond-Yields-Metrics-300x200.webp 300w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Types-of-Bond-Yields-Metrics-768x512.webp 768w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Types-of-Bond-Yields-Metrics.webp 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc744 \uacc4\uc0b0\ud558\ub294 \ubc29\uc2dd\uc740 \ud22c\uc790 \ubaa9\uc801\uacfc \ubd84\uc11d \uad00\uc810\uc5d0 \ub530\ub77c \ub2e4\uc591\ud569\ub2c8\ub2e4. \uc774\uc81c <strong>\uac00\uc7a5 \ud754\ud558\uac8c \uc0ac\uc6a9\ub418\ub294<\/strong> \uc5ec\ub7ec \uc720\ud615\uc758 \ucc44\uad8c \uc218\uc775\ub960 \uc9c0\ud45c(\ud604\uc7ac \uc218\uc775\ub960, YTM, YTC \ub4f1)\ub97c \ube44\uad50 \ubd84\uc11d\ud558\uace0, \uac01\uac01\uc758 \ud2b9\uc131\uacfc \ud65c\uc6a9 \ubaa9\uc801\uc744 \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucfe0\ud3f0 \uc218\uc775\ub960<\/strong><\/h3>\n\n\n\n<p>\ucfe0\ud3f0 \uc218\uc775\ub960(coupon yield)\uc740 \ucc44\uad8c\uc758 \uc561\uba74\uac00 \ub300\ube44 \uc5f0\uac04 \uc9c0\uae09\ub418\ub294 \uc774\uc790\uc758 \ube44\uc728\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \uc774\ub294 \ucc44\uad8c \ubc1c\ud589 \uc2dc \uacb0\uc815\ub418\uba70, \ucc44\uad8c\uc758 \uc218\uba85 \ub3d9\uc548 \ubcc0\ud558\uc9c0 \uc54a\ub294 \uace0\uc815\ub41c \uac12\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, \uc561\uba74\uac00 100\ub9cc \uc6d0 \ucc44\uad8c\uc758 \ucfe0\ud3f0 \uc774\uc790\uc728\uc774 6%\ub77c\uba74, \ub9e4\ub144 6\ub9cc \uc6d0\uc758 \uc774\uc790\ub97c \ubc1b\uac8c \ub429\ub2c8\ub2e4. \uc774 6%\uac00 \ubc14\ub85c \ucfe0\ud3f0 \uc218\uc775\ub960\uc785\ub2c8\ub2e4. \ucc44\uad8c\uc774 \uc2dc\uc7a5\uc5d0\uc11c \uc5b4\ub5a4 \uac00\uaca9\uc5d0 \uac70\ub798\ub418\ub4e0, \ucfe0\ud3f0 \uc218\uc775\ub960 \uc790\uccb4\ub294 \ubcc0\ud558\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucfe0\ud3f0 \uc218\uc775\ub960\uc740 \ucc44\uad8c\uc758 \uae30\ubcf8 \ud2b9\uc131\uc744 \ub098\ud0c0\ub0b4\uc9c0\ub9cc, \uc2e4\uc81c \ud22c\uc790 \uc218\uc775\ub960\uacfc\ub294 \ub2e4\ub97c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud22c\uc790\uc790\uac00 \ucc44\uad8c\uc744 \ud560\uc778\uac00\uaca9\uc774\ub098 \ud504\ub9ac\ubbf8\uc5c4 \uac00\uaca9\uc5d0 \ub9e4\uc785\ud588\ub2e4\uba74, \uc2e4\uc81c \uc218\uc775\ub960\uc740 \ucfe0\ud3f0 \uc218\uc775\ub960\uacfc \ucc28\uc774\uac00 \ub098\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud604\uc7ac \uc218\uc775\ub960<\/strong><\/h3>\n\n\n\n<p>\ud604\uc7ac \uc218\uc775\ub960\uc740 \uc55e\uc11c \uc124\uba85\ud588\ub4ef\uc774 \ucc44\uad8c\uc758 \ud604\uc7ac \uc2dc\uc7a5 \uac00\uaca9\uc744 \uae30\uc900\uc73c\ub85c \ud55c \uc218\uc775\ub960\uc785\ub2c8\ub2e4. \uc774\ub294 \ucc44\uad8c\uc744 \uc9c0\uae08 \ub9e4\uc785\ud588\uc744 \ub54c \uc5f0\uac04 \uc774\uc790 \uc218\uc775\uc774 \ud22c\uc790 \uae08\uc561 \ub300\ube44 \uc5bc\ub9c8\ub098 \ub418\ub294\uc9c0\ub97c \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud604\uc7ac \uc218\uc775\ub960\uc758 \uc7a5\uc810\uc740 \uacc4\uc0b0\uc774 \uc27d\uace0, \ud604\uc7ac \uc2dc\uc810\uc5d0\uc11c\uc758 \uc218\uc775 \ucc3d\ucd9c \ub2a5\ub825\uc744 \uc9c1\uad00\uc801\uc73c\ub85c \ud30c\uc545\ud560 \uc218 \uc788\ub2e4\ub294 \uac83\uc785\ub2c8\ub2e4. \ud2b9\ud788 \uc18c\ub4dd \ucc3d\ucd9c\uc774 \ubaa9\uc801\uc778 \ud22c\uc790\uc790\uc5d0\uac8c\ub294 \uc720\uc6a9\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud558\uc9c0\ub9cc \ub9cc\uae30\uae4c\uc9c0\uc758 \uc790\ubcf8 \uc774\ub4dd\uc774\ub098 \uc190\uc2e4\uc744 \ubc18\uc601\ud558\uc9c0 \uc54a\uc73c\ubbc0\ub85c, \uc7a5\uae30 \ud22c\uc790 \uad00\uc810\uc5d0\uc11c\ub294 \uc81c\ud55c\uc801\uc778 \uc815\ubcf4\ub9cc \uc81c\uacf5\ud569\ub2c8\ub2e4. \ub530\ub77c\uc11c \ud604\uc7ac \uc218\uc775\ub960\uc740 \ub2e4\ub978 \uc218\uc775\ub960 \uc9c0\ud45c\uc640 \ud568\uaed8 \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ub9cc\uae30 \uc218\uc775\ub960 (YTM)<\/strong><\/h3>\n\n\n\n<p>\ub9cc\uae30 \uc218\uc775\ub960\uc740 \ucc44\uad8c \ud22c\uc790 \ubd84\uc11d\uc5d0\uc11c \uac00\uc7a5 \uc911\uc694\ud558\uace0 \ud3ec\uad04\uc801\uc778 \uc9c0\ud45c\uc785\ub2c8\ub2e4. YTM\uc740 \ucc44\uad8c\uc744 \ud604\uc7ac \uac00\uaca9\uc5d0 \ub9e4\uc785\ud574 \ub9cc\uae30\uae4c\uc9c0 \ubcf4\uc720\ud558\uba74\uc11c \ubc1b\uac8c \ub418\ub294 \ubaa8\ub4e0 \uc774\uc790\ub97c \uac19\uc740 \uc218\uc775\ub960\ub85c \uc7ac\ud22c\uc790\ud55c\ub2e4\uace0 \uac00\uc815\ud560 \ub54c\uc758 \uc5f0\ud3c9\uade0 \uc218\uc775\ub960\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>YTM\uc740 \ub2e4\uc74c \uc694\uc18c\ub4e4\uc744 \ubaa8\ub450 \uace0\ub824\ud569\ub2c8\ub2e4:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\uc815\uae30\uc801\uc778 \ucfe0\ud3f0 \uc774\uc790 \uc9c0\uae09<\/li>\n\n\n\n<li>\ub9e4\uc785 \uac00\uaca9\uacfc \uc561\uba74\uac00\uc758 \ucc28\uc774(\uc790\ubcf8 \uc774\ub4dd \ub610\ub294 \uc190\uc2e4)<\/li>\n\n\n\n<li>\ud654\ud3d0\uc758 \uc2dc\uac04 \uac00\uce58<\/li>\n\n\n\n<li>\ub9cc\uae30\uae4c\uc9c0 \ub0a8\uc740 \uae30\uac04<\/li>\n<\/ul>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, 5\ub144 \ub9cc\uae30, \uc561\uba74\uac00 1,000\ub9cc \uc6d0, \uc5f0 4% \ucfe0\ud3f0\uc758 \ucc44\uad8c\uc744 950\ub9cc \uc6d0\uc5d0 \ub9e4\uc785\ud588\ub2e4\uace0 \uac00\uc815\ud574\ubd05\uc2dc\ub2e4. \uc774 \uacbd\uc6b0 YTM\uc740 \ub2e8\uc21c\ud788 4%\uac00 \uc544\ub2c8\ub77c \uc57d 5.2% \uc815\ub3c4\uac00 \ub429\ub2c8\ub2e4. \uc774\ub294 \ud560\uc778\ub41c \uac00\uaca9\uc5d0 \ub9e4\uc785\ud574 \ub9cc\uae30 \uc2dc \uc561\uba74\uac00\ub97c \ubc1b\uac8c \ub418\ub294 \ucd94\uac00 \uc218\uc775\uc774 \ubc18\uc601\ub41c \uacb0\uacfc\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc870\uae30 \uc0c1\ud658 \uc218\uc775\ub960 (YTC)<\/strong><\/h3>\n\n\n\n<p>\uc870\uae30 \uc0c1\ud658 \uc218\uc775\ub960(Yield to Call, YTC)\uc740 \ucc44\uad8c\uc774 \ub9cc\uae30 \uc804\uc5d0 \ubc1c\ud589\uc790\uc5d0 \uc758\ud574 \uc0c1\ud658\ub420 \uc218 \uc788\ub294 \uacbd\uc6b0\uc5d0 \uc911\uc694\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4. \ub9ce\uc740 \ud68c\uc0ac\ucc44\uc640 \uc9c0\ubc29\ucc44\ub294 \uc870\uae30 \uc0c1\ud658 \uc635\uc158(call option)\uc744 \ud3ec\ud568\ud558\uace0 \uc788\uc5b4, \ubc1c\ud589\uc790\uac00 \ud2b9\uc815 \uc2dc\uc810 \uc774\ud6c4 \ucc44\uad8c\uc744 \ubbf8\ub9ac \uc0c1\ud658\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>YTC \uacc4\uc0b0\uc740 YTM\uacfc \uc720\uc0ac\ud558\uc9c0\ub9cc, \ub9cc\uae30\uc77c \ub300\uc2e0 \uc870\uae30 \uc0c1\ud658 \uac00\ub2a5\uc77c\uc744 \uae30\uc900\uc73c\ub85c \ud569\ub2c8\ub2e4. \ubc1c\ud589\uc790\ub294 \uc77c\ubc18\uc801\uc73c\ub85c \uc2dc\uc7a5 \uae08\ub9ac\uac00 \ud558\ub77d\ud588\uc744 \ub54c \uae30\uc874 \ucc44\uad8c\uc744 \uc870\uae30 \uc0c1\ud658\ud558\uace0 \ub0ae\uc740 \uae08\ub9ac\ub85c \uc7ac\ubc1c\ud589\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud22c\uc790\uc790\ub294 YTM\uacfc YTC\ub97c \ubaa8\ub450 \uac80\ud1a0\ud574\uc57c \ud569\ub2c8\ub2e4. \ud2b9\ud788 \ucc44\uad8c\uc774 \ud504\ub9ac\ubbf8\uc5c4 \uac00\uaca9\uc5d0 \uac70\ub798\ub418\uace0 \uc788\ub2e4\uba74, \uc870\uae30 \uc0c1\ud658\ub420 \uac00\ub2a5\uc131\uc774 \ub192\uc544 YTC\uac00 \uc2e4\uc81c \uc218\uc775\ub960\uc5d0 \ub354 \uac00\uae4c\uc6b8 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucd5c\uc800 \uc218\uc775\ub960 (YTW)<\/strong><\/h3>\n\n\n\n<p>\ucd5c\uc800 \uc218\uc775\ub960(Yield to Worst, YTW)\uc740 \ucc44\uad8c\uc774 \uc81c\uacf5\ud560 \uc218 \uc788\ub294 \uac00\uc7a5 \ub0ae\uc740 \uc218\uc775\ub960\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \uc774\ub294 YTM\uacfc \ubaa8\ub4e0 \uac00\ub2a5\ud55c \uc870\uae30 \uc0c1\ud658 \uc2dc\ub098\ub9ac\uc624\uc758 YTC \uc911 \uac00\uc7a5 \ub0ae\uc740 \uac12\uc744 \uc120\ud0dd\ud55c \uac83\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>YTW\ub294 \ubcf4\uc218\uc801\uc778 \ud22c\uc790\uc790\uc5d0\uac8c \ud2b9\ud788 \uc720\uc6a9\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4. \uc774\ub294 &#8220;\ucd5c\uc545\uc758 \uc2dc\ub098\ub9ac\uc624&#8221;\uc5d0\uc11c\ub3c4 \uc5bb\uc744 \uc218 \uc788\ub294 \ucd5c\uc18c \uc218\uc775\ub960\uc744 \ubcf4\uc5ec\uc8fc\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ud55c \ucc44\uad8c\uc758 YTM\uc774 6%\uc774\uc9c0\ub9cc \uc870\uae30 \uc0c1\ud658 \uc2dc YTC\uac00 4.5%\ub77c\uba74, YTW\ub294 4.5%\uac00 \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucc44\uad8c \ud22c\uc790 \uc2dc YTW\ub97c \ud655\uc778\ud558\uba74 \uc608\uc0c1\uce58 \ubabb\ud55c \uc870\uae30 \uc0c1\ud658\uc73c\ub85c \uc778\ud55c \uc218\uc775\ub960 \ud558\ub77d \uc704\ud5d8\uc744 \uc0ac\uc804\uc5d0 \ud30c\uc545\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ub9ac\uc2a4\ud06c \uad00\ub9ac \ucc28\uc6d0\uc5d0\uc11c \uc911\uc694\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c\ub4f1\uac00\uc218\uc775\ub960 \ubc0f \uae30\ud0c0 \uc9c0\ud45c<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c\ub4f1\uac00\uc218\uc775\ub960(Bond Equivalent Yield, BEY)\uc740 \ud560\uc778 \ubc29\uc2dd\uc73c\ub85c \ubc1c\ud589\ub41c \ub2e8\uae30 \ucc44\uad8c\uc774\ub098 \uad6d\ucc44\uc758 \uc218\uc775\ub960\uc744 \uc5f0\uac04 \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4. \uc774\ub97c \ud1b5\ud574 \uc11c\ub85c \ub2e4\ub978 \uc9c0\uae09 \uc8fc\uae30\ub97c \uac00\uc9c4 \ucc44\uad8c\ub4e4\uc744 \ub3d9\uc77c\ud55c \uae30\uc900\uc5d0\uc11c \ube44\uad50\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, 6\uac1c\uc6d4 \ub9cc\uae30 \uad6d\ucc44\uc758 \uc218\uc775\ub960\uc744 \uc5f0\uac04 \uae30\uc900\uc73c\ub85c \ud658\uc0b0\ud558\uba74 \ub2e4\ub978 \ucc44\uad8c\ub4e4\uacfc\uc758 \uc9c1\uc811\uc801\uc778 \ube44\uad50\uac00 \uac00\ub2a5\ud574\uc9d1\ub2c8\ub2e4. BEY \uacf5\uc2dd\uc740 \ub2e4\uc74c\uacfc \uac19\uc2b5\ub2c8\ub2e4:<\/p>\n\n\n\n<p><strong>BEY = [(\uc561\uba74\uac00 &#8211; \uad6c\ub9e4\uac00\uaca9) \u00f7 \uad6c\ub9e4\uac00\uaca9] \u00d7 (365 \u00f7 \ub9cc\uae30\uc77c\uc218)<\/strong><\/p>\n\n\n\n<p>\uadf8 \uc678\uc5d0\ub3c4 \uc2e4\uc9c8 \uc218\uc775\ub960(real yield)\uc740 \uc778\ud50c\ub808\uc774\uc158\uc744 \uace0\ub824\ud55c \uc218\uc775\ub960\ub85c, \ud22c\uc790\uc758 \uc2e4\uc9c8 \uad6c\ub9e4\ub825 \uc99d\uac00\ub97c \ub098\ud0c0\ub0c5\ub2c8\ub2e4. \uc138\ud6c4 \uc218\uc775\ub960(after-tax yield)\uc740 \uc138\uae08\uc744 \uc81c\uc678\ud55c \uc2e4\uc81c \uc218\uc775\ub960\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc758 \uc0c1\ud669\uc5d0 \ub9de\ub294 \uc218\uc775\ub960 \uc9c0\ud45c\ub97c \uc120\ud0dd\ud574 \ud65c\uc6a9\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc694\uc778<\/strong><\/h2>\n\n\n\n<p>\ub2e4\uc591\ud55c \uc218\uc775\ub960 \uc9c0\ud45c\ub97c \uc774\ud574\ud558\ub294 \uac83\ub9cc\ud07c \uc911\uc694\ud55c \uac83\uc740, \uc774 \uc218\uc775\ub960\uc744 \ub04a\uc784\uc5c6\uc774 \ubcc0\ub3d9\uc2dc\ud0a4\ub294 <strong>\uc678\ubd80 \uc694\uc778<\/strong>\ub4e4\uc744 \ud30c\uc545\ud558\ub294 \uac83\uc785\ub2c8\ub2e4. \uc774\uc81c \uac70\uc2dc\uacbd\uc81c\uc801 \ud658\uacbd\uacfc \ucc44\uad8c \ubc1c\ud589\uc790\uc758 \ud2b9\uc131\uc774 \ucc44\uad8c \uc218\uc775\ub960\uc5d0 \uc5b4\ub5a4 \uc9c1\uc811\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294\uc9c0 \uc0b4\ud3b4\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uae08\ub9ac\uac00 \ucc44\uad8c \uc218\uc775\ub960\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5<\/strong><\/h3>\n\n\n\n<p>\uc911\uc559\uc740\ud589\uc758 \uae30\uc900\uae08\ub9ac\ub294 \ucc44\uad8c \uc218\uc775\ub960\uc5d0 \uac00\uc7a5 \uc9c1\uc811\uc801\uc774\uace0 \uac15\ub825\ud55c \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc694\uc778\uc785\ub2c8\ub2e4. \uc911\uc559\uc740\ud589\uc774 \uae30\uc900\uae08\ub9ac\ub97c \uc778\uc0c1\ud558\uba74, \uc2dc\uc7a5 \uc804\ubc18\uc758 \uae08\ub9ac \uc218\uc900\uc774 \uc0c1\uc2b9\ud558\uace0 \uae30\uc874 \ucc44\uad8c\uc758 \uac00\uaca9\uc740 \ud558\ub77d\ud569\ub2c8\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c \ucc44\uad8c \uc218\uc775\ub960\uc740 \uc0c1\uc2b9\ud558\uac8c \ub429\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, \ud55c\uad6d\uc740\ud589\uc774 \uae30\uc900\uae08\ub9ac\ub97c 0.5% \uc778\uc0c1\ud558\uba74, \uae30\uc874\uc5d0 \ubc1c\ud589\ub41c \ucc44\uad8c\ub4e4\uc740 \uc0c1\ub300\uc801\uc73c\ub85c \ub9e4\ub825\uc774 \ub5a8\uc5b4\uc9d1\ub2c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \uc0c8\ub85c \ubc1c\ud589\ub418\ub294 \ub354 \ub192\uc740 \uae08\ub9ac\uc758 \ucc44\uad8c\uc744 \uc120\ud638\ud558\uac8c \ub418\uace0, \uae30\uc874 \ucc44\uad8c\uc758 \uac00\uaca9\uc740 \ud558\ub77d \uc555\ub825\uc744 \ubc1b\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uae08\ub9ac \ubcc0\ub3d9\uc131\uc774 \ud074\uc218\ub85d \ucc44\uad8c \uac00\uaca9 \ubcc0\ub3d9\ub3c4 \ucee4\uc9c0\uba70, \ud2b9\ud788 \ub9cc\uae30\uac00 \uae34 \uc7a5\uae30 \ucc44\uad8c\uc77c\uc218\ub85d \uae08\ub9ac \ubcc0\ud654\uc5d0 \ub354 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud569\ub2c8\ub2e4. 2022\ub144 \ubbf8\uad6d \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4\uc758 \uacf5\uaca9\uc801\uc778 \uae08\ub9ac \uc778\uc0c1 \uc2dc\uae30\uc5d0\ub294 \ucc44\uad8c \uc2dc\uc7a5\uc5d0\uc11c \uc0c1\ub2f9\ud55c \uac00\uaca9 \uc870\uc815\uc774 \ubc1c\uc0dd\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc2e0\uc6a9\ub4f1\uae09\uc758 \uc601\ud5a5<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \ubc1c\ud589 \uae30\uad00\uc758 \uc2e0\uc6a9\ub4f1\uae09\uc740 \ucc44\uad8c \uc218\uc775\ub960\uc5d0 \uc911\uc694\ud55c \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4. \uc2e0\uc6a9\ub4f1\uae09\uc774 \ub192\uc744\uc218\ub85d \ucc44\ubb34 \ubd88\uc774\ud589 \uc704\ud5d8\uc774 \ub0ae\uc544 \ud22c\uc790\uc790\ub4e4\uc774 \ub354 \ub0ae\uc740 \uc218\uc775\ub960\uc744 \ubc1b\uc544\ub4e4\uc774\uace0, \uc2e0\uc6a9\ub4f1\uae09\uc774 \ub0ae\uc744\uc218\ub85d \ub192\uc740 \uc218\uc775\ub960\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uad6d\uc81c \uc2e0\uc6a9\ud3c9\uac00\uae30\uad00\uc778 S&amp;P, Moody&#8217;s, Fitch \ub4f1\uc740 \ucc44\uad8c \ubc1c\ud589\uc790\uc758 \uc7ac\ubb34 \uac74\uc804\uc131\uc744 \ud3c9\uac00\ud574 \ub4f1\uae09\uc744 \ubd80\uc5ec\ud569\ub2c8\ub2e4. AAA \ub4f1\uae09 \ucc44\uad8c\uc740 \uac00\uc7a5 \uc548\uc804\ud55c \ud22c\uc790\ub85c \uac04\uc8fc\ub418\uc5b4 \uc0c1\ub300\uc801\uc73c\ub85c \ub0ae\uc740 \uc218\uc775\ub960\uc744 \uc81c\uacf5\ud558\ub294 \ubc18\uba74, \ud22c\uae30\ub4f1\uae09(BBB- \uc774\ud558)\uc73c\ub85c \ubd84\ub958\ub418\ub294 \uc815\ud06c\ubcf8\ub4dc\ub294 \ub192\uc740 \uc218\uc775\ub960\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\uc2e0\uc6a9\ub4f1\uae09<\/strong><\/td><td><strong>\uc124\uba85<\/strong><\/td><td><strong>\uc77c\ubc18\uc801 \uc218\uc775\ub960 \uc218\uc900<\/strong><\/td><\/tr><tr><td>AAA ~ AA<\/td><td>\ucd5c\uace0 \uc2e0\uc6a9\ub4f1\uae09<\/td><td>\ub0ae\uc74c<\/td><\/tr><tr><td>A ~ BBB<\/td><td>\ud22c\uc790\uc801\uaca9\ub4f1\uae09<\/td><td>\uc911\uac04<\/td><\/tr><tr><td>BB \uc774\ud558<\/td><td>\ud22c\uae30\ub4f1\uae09(\uc815\ud06c\ubcf8\ub4dc)<\/td><td>\ub192\uc74c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\uc2e0\uc6a9\ub4f1\uae09\uc758 \ud558\ub77d\uc740 \ucc44\uad8c \uac00\uaca9 \uae09\ub77d\uc73c\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\uc2b5\ub2c8\ub2e4. 2008\ub144 \uae08\uc735\uc704\uae30 \ub2f9\uc2dc \ub9ce\uc740 \uae08\uc735\uae30\uad00\uc758 \uc2e0\uc6a9\ub4f1\uae09\uc774 \ud558\ud5a5 \uc870\uc815\ub418\uba74\uc11c \ucc44\uad8c \uac00\uaca9\uc774 \ud3ed\ub77d\ud558\uace0 \uc218\uc775\ub960\uc774 \uae09\ub4f1\ud55c \uc0ac\ub840\uac00 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc778\ud50c\ub808\uc774\uc158\uc774 \uc218\uc775\ub960\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5<\/strong><\/h3>\n\n\n\n<p>\uc778\ud50c\ub808\uc774\uc158\uc740 \ucc44\uad8c \uc218\uc775\ub960\uc5d0 \uc911\ub300\ud55c \uc601\ud5a5\uc744 \ubbf8\uce69\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc774 \uc0c1\uc2b9\ud558\uba74 \ud654\ud3d0\uc758 \uad6c\ub9e4\ub825\uc774 \uac10\uc18c\ud558\uace0, \ud22c\uc790\uc790\ub4e4\uc740 \uc774\ub97c \ubcf4\uc0c1\ubc1b\uae30 \uc704\ud574 \ub354 \ub192\uc740 \uba85\ubaa9 \uc218\uc775\ub960\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2e4\uc9c8 \uc218\uc775\ub960\uc740 \uba85\ubaa9 \uc218\uc775\ub960\uc5d0\uc11c \uc778\ud50c\ub808\uc774\uc158\uc728\uc744 \ube80 \uac12\uc785\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \ucc44\uad8c\uc758 \uba85\ubaa9 \uc218\uc775\ub960\uc774 5%\uc774\uace0 \uc778\ud50c\ub808\uc774\uc158\uc728\uc774 3%\ub77c\uba74, \uc2e4\uc9c8 \uc218\uc775\ub960\uc740 \uc57d 2%\uc785\ub2c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \uc2e4\uc9c8 \uc218\uc775\ub960\uc774 \uc591\uc218\uac00 \ub418\ub3c4\ub85d \ud558\ub294 \ucc44\uad8c\uc744 \uc120\ud638\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uce58\uac00 \ub192\uc544\uc9c0\uba74 \uc7a5\uae30 \ucc44\uad8c \uc218\uc775\ub960\uc774 \ud2b9\ud788 \ud06c\uac8c \uc0c1\uc2b9\ud569\ub2c8\ub2e4. \uc774\ub294 \uc7a5\uae30\uac04 \ub3d9\uc548 \uc778\ud50c\ub808\uc774\uc158\uc73c\ub85c \uc778\ud55c \uad6c\ub9e4\ub825 \uac10\uc18c \uc704\ud5d8\uc774 \ub354 \ud06c\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. 2021\ub144\ubd80\ud130 2022\ub144\uae4c\uc9c0 \uc804 \uc138\uacc4\uc801\uc778 \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9 \uc2dc\uae30\uc5d0 \ucc44\uad8c \uc218\uc775\ub960\uc774 \uae09\ub4f1\ud55c \uac83\uc774 \ub300\ud45c\uc801\uc778 \uc0ac\ub840\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ubb3c\uac00\uc5f0\ub3d9\uad6d\ucc44(TIPS \ub4f1)\ub294 \uc778\ud50c\ub808\uc774\uc158 \uc704\ud5d8\uc744 \ud5e4\uc9c0\ud558\ub294 \uc218\ub2e8\uc73c\ub85c, \uc6d0\uae08\uc774 \uc778\ud50c\ub808\uc774\uc158\uc5d0 \uc5f0\ub3d9\ub418\uc5b4 \uc870\uc815\ub418\ubbc0\ub85c \uc778\ud50c\ub808\uc774\uc158 \ud658\uacbd\uc5d0\uc11c \uc2e4\uc9c8 \uad6c\ub9e4\ub825\uc744 \ubcf4\ud638\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\ud22c\uc790 \ubd84\uc11d\uc5d0\uc11c \ucc44\uad8c \uc218\uc775\ub960 \ud65c\uc6a9<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Bond-Yields-Investment-Analysis-Strategy-1024x683.webp\" alt=\"\ucc44\uad8c\uc218\uc775\ub960\uc744-\uc774\uc6a9\ud55c-\ud22c\uc790\ubd84\uc11d\uacfc-\uc131\uacf5\uc801\uc778-\ud3ec\ud2b8\ud3f4\ub9ac\uc624-\uc131\uc7a5-\uc804\ub7b5\uc744-\uc2dc\uac01\ud654\ud55c-\uc774\ubbf8\uc9c0\" class=\"wp-image-174\" srcset=\"https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Bond-Yields-Investment-Analysis-Strategy-1024x683.webp 1024w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Bond-Yields-Investment-Analysis-Strategy-300x200.webp 300w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Bond-Yields-Investment-Analysis-Strategy-768x512.webp 768w, https:\/\/m4markets.site\/media-kor\/wp-content\/uploads\/sites\/3\/2025\/11\/Bond-Yields-Investment-Analysis-Strategy.webp 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\uae08\ub9ac, \uc2e0\uc6a9 \ub4f1 \ub2e4\uc591\ud55c \uc678\ubd80 \uc694\uc778\uc744 \ubd84\uc11d\ud588\ub2e4\uba74, \uc774\uc81c \uc774 \ubaa8\ub4e0 <strong>\uc218\uc775\ub960 \uc815\ubcf4\ub97c \uc885\ud569\ud558\uc5ec \uc2e4\uc81c \ud22c\uc790 \uc804\ub7b5<\/strong>\uc5d0 \uc801\uc6a9\ud560 \ucc28\ub840\uc785\ub2c8\ub2e4. \ub9c8\uc9c0\ub9c9\uc73c\ub85c \ucc44\uad8c \uc218\uc775\ub960\uc744 \ub9ac\uc2a4\ud06c \ubd84\uc11d, \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ucd5c\uc801\ud654, \uadf8\ub9ac\uace0 \uc2dc\uc7a5 \uc608\uce21\uc5d0 \uc5b4\ub5bb\uac8c \ud65c\uc6a9\ud560 \uc218 \uc788\ub294\uc9c0 \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ucc44\uad8c \uc218\uc775\ub960\uc774 \ud22c\uc790\uc790\uc5d0\uac8c \uc911\uc694\ud55c \uc774\uc720<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc740 \ud22c\uc790\uc790\uac00 \ucc44\uad8c\uc758 \uc2e4\uc81c \uac00\uce58\ub97c \ud3c9\uac00\ud558\uace0 \ud22c\uc790 \uacb0\uc815\uc744 \ub0b4\ub9ac\ub294 \ud575\uc2ec \uc9c0\ud45c\uc785\ub2c8\ub2e4. \ub2e8\uc21c\ud788 \ucfe0\ud3f0 \uc774\uc790\uc728\ub9cc \ubcf4\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \ud604\uc7ac \uc2dc\uc7a5 \uac00\uaca9\uc744 \ubc18\uc601\ud55c \uc2e4\uc9c8 \uc218\uc775\ub960\uc744 \ud30c\uc545\ud568\uc73c\ub85c\uc368 \ud22c\uc790\uc758 \uc801\uc815\uc131\uc744 \ud310\ub2e8\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc740 \uc5ec\ub7ec \ucc44\uad8c\uc744 \ube44\uad50\ud558\uace0 \uc120\ud0dd\ud558\ub294 \ub370 \ud45c\uc900\ud654\ub41c \uae30\uc900\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \ub9cc\uae30, \ucfe0\ud3f0 \uc774\uc790\uc728, \ubc1c\ud589 \uac00\uaca9\uc774 \uac01\uae30 \ub2e4\ub978 \ucc44\uad8c\ub4e4\uc744 \uc218\uc775\ub960\uc774\ub77c\ub294 \uacf5\ud1b5 \uc9c0\ud45c\ub85c \ube44\uad50\ud560 \uc218 \uc788\uc5b4, \uc0c1\ub300\uc801 \uac00\uce58\ub97c \uc27d\uac8c \ud3c9\uac00\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub610\ud55c \ucc44\uad8c \uc218\uc775\ub960\uc740 \ub2e4\ub978 \uc790\uc0b0\uad70\uacfc\uc758 \ube44\uad50\uc5d0\ub3c4 \ud65c\uc6a9\ub429\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc8fc\uc2dd\uc758 \ubc30\ub2f9\uc218\uc775\ub960\uc774\ub098 \ubd80\ub3d9\uc0b0\uc758 \uc784\ub300\uc218\uc775\ub960\uacfc \ucc44\uad8c \uc218\uc775\ub960\uc744 \ube44\uad50\ud574 \uc790\uc0b0 \ubc30\ubd84 \uc804\ub7b5\uc744 \uc218\ub9bd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ub9ac\uc2a4\ud06c \ubd84\uc11d\uc5d0 \ucc44\uad8c \uc218\uc775\ub960 \ud65c\uc6a9<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960\uc740 \ud22c\uc790 \ub9ac\uc2a4\ud06c\ub97c \ud3c9\uac00\ud558\ub294 \uc911\uc694\ud55c \ub3c4\uad6c\uc785\ub2c8\ub2e4. \uc77c\ubc18\uc801\uc73c\ub85c \ub192\uc740 \uc218\uc775\ub960\uc740 \ub192\uc740 \uc704\ud5d8\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4. \ub450 \ucc44\uad8c\uc758 \ub9cc\uae30\uac00 \ube44\uc2b7\ud55c\ub370 \uc218\uc775\ub960 \ucc28\uc774\uac00 \ud06c\ub2e4\uba74, \uc774\ub294 \uc2dc\uc7a5\uc774 \ud55c\ucabd \ucc44\uad8c\uc5d0 \ub354 \ub192\uc740 \ub9ac\uc2a4\ud06c\ub97c \uc778\uc2dd\ud558\uace0 \uc788\ub2e4\ub294 \uc2e0\ud638\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc218\uc775\ub960 \uc2a4\ud504\ub808\ub4dc(yield spread) \ubd84\uc11d\uc740 \ub9ac\uc2a4\ud06c\ub97c \uce21\uc815\ud558\ub294 \ud6a8\uacfc\uc801\uc778 \ubc29\ubc95\uc785\ub2c8\ub2e4. \uc774\ub294 \ud2b9\uc815 \ucc44\uad8c\uc758 \uc218\uc775\ub960\uacfc \ubb34\uc704\ud5d8 \ucc44\uad8c(\uc77c\ubc18\uc801\uc73c\ub85c \uad6d\ucc44)\uc758 \uc218\uc775\ub960 \ucc28\uc774\ub97c \uc758\ubbf8\ud569\ub2c8\ub2e4. \uc2a4\ud504\ub808\ub4dc\uac00 \ub113\uc744\uc218\ub85d \uc2dc\uc7a5\uc774 \ud574\ub2f9 \ucc44\uad8c\uc5d0 \ub354 \ub192\uc740 \uc2e0\uc6a9 \ub9ac\uc2a4\ud06c\ub098 \uc720\ub3d9\uc131 \ub9ac\uc2a4\ud06c\ub97c \ubd80\uc5ec\ud558\uace0 \uc788\ub2e4\ub294 \uac83\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc608\ub97c \ub4e4\uc5b4, 10\ub144 \ub9cc\uae30 \ud68c\uc0ac\ucc44 \uc218\uc775\ub960\uc774 5%\uc774\uace0 \uac19\uc740 \ub9cc\uae30\uc758 \uad6d\ucc44 \uc218\uc775\ub960\uc774 3%\ub77c\uba74, \uc2a4\ud504\ub808\ub4dc\ub294 2%\uc785\ub2c8\ub2e4. \uc2dc\uac04\uc774 \uc9c0\ub098\uba74\uc11c \uc774 \uc2a4\ud504\ub808\ub4dc\uac00 \ud655\ub300\ub41c\ub2e4\uba74, \ud574\ub2f9 \uae30\uc5c5\uc758 \uc2e0\uc6a9 \uc0c1\ud0dc\uac00 \uc545\ud654\ub418\uace0 \uc788\ub2e4\ub294 \uacbd\uace0 \uc2e0\ud638\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub4c0\ub808\uc774\uc158(duration)\ub3c4 \ub9ac\uc2a4\ud06c \ubd84\uc11d\uc5d0 \uc911\uc694\ud55c \uac1c\ub150\uc785\ub2c8\ub2e4. \uc774\ub294 \ucc44\uad8c \uac00\uaca9\uc774 \uae08\ub9ac \ubcc0\ud654\uc5d0 \uc5bc\ub9c8\ub098 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\ub294\uc9c0\ub97c \ub098\ud0c0\ub0b4\ub294 \uc9c0\ud45c\ub85c, \ub4c0\ub808\uc774\uc158\uc774 \uae38\uc218\ub85d \uae08\ub9ac \ub9ac\uc2a4\ud06c\uac00 \ud07d\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc790\uc2e0\uc758 \ub9ac\uc2a4\ud06c \ud5c8\uc6a9\ub3c4\uc640 \uc2dc\uc7a5 \uc804\ub9dd\uc5d0 \ub530\ub77c \uc801\uc808\ud55c \ub4c0\ub808\uc774\uc158\uc758 \ucc44\uad8c\uc744 \uc120\ud0dd\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uc218\uc775\ub960 \uace1\uc120 \ubd84\uc11d\uacfc \ud574\uc11d<\/strong><\/h3>\n\n\n\n<p>\uc218\uc775\ub960 \uace1\uc120(yield curve)\uc740 \uac19\uc740 \uc2e0\uc6a9\ub4f1\uae09\uc758 \ucc44\uad8c\ub4e4\uc744 \ub9cc\uae30\ubcc4\ub85c \ub098\uc5f4\ud588\uc744 \ub54c \uc218\uc775\ub960\uc774 \uadf8\ub9ac\ub294 \uace1\uc120\uc785\ub2c8\ub2e4. \uc77c\ubc18\uc801\uc73c\ub85c \uad6d\ucc44 \uc218\uc775\ub960 \uace1\uc120\uc744 \uae30\uc900\uc73c\ub85c \ubd84\uc11d\ud558\uba70, \uc774\ub294 \uacbd\uc81c \uc804\ub9dd\uacfc \uc2dc\uc7a5 \uc2ec\ub9ac\ub97c \ubc18\uc601\ud558\ub294 \uc911\uc694\ud55c \uc9c0\ud45c\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc815\uc0c1\uc801\uc778 \uc218\uc775\ub960 \uace1\uc120\uc740 \uc6b0\uc0c1\ud5a5 \ud615\ud0dc\ub85c, \ub9cc\uae30\uac00 \uae38\uc218\ub85d \uc218\uc775\ub960\uc774 \ub192\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc7a5\uae30 \ud22c\uc790\uc5d0 \ub530\ub978 \ubd88\ud655\uc2e4\uc131\uacfc \uae30\ud68c\ube44\uc6a9\uc744 \ubcf4\uc0c1\ud558\ub294 \uad6c\uc870\uc785\ub2c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \ub354 \uc624\ub79c \uae30\uac04 \uc790\uae08\uc744 \ubb36\uc5b4\ub450\ub294 \ub300\uac00\ub85c \ub354 \ub192\uc740 \uc218\uc775\uc744 \uc694\uad6c\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc5ed\uc804\ub41c \uc218\uc775\ub960 \uace1\uc120\uc740 \ub2e8\uae30 \ucc44\uad8c \uc218\uc775\ub960\uc774 \uc7a5\uae30 \ucc44\uad8c \uc218\uc775\ub960\ubcf4\ub2e4 \ub192\uc740 \uc0c1\ud669\uc73c\ub85c, \uacbd\uae30 \uce68\uccb4\uc758 \uc120\ud589 \uc9c0\ud45c\ub85c \uac04\uc8fc\ub429\ub2c8\ub2e4. \uc2e4\uc81c\ub85c \ubbf8\uad6d\uc758 \uacbd\uc6b0 \uc5ed\uc804\ub41c \uc218\uc775\ub960 \uace1\uc120 \uc774\ud6c4 \ud3c9\uade0 12~18\uac1c\uc6d4 \ub0b4\uc5d0 \uacbd\uae30 \uce68\uccb4\uac00 \ubc1c\uc0dd\ud55c \uc0ac\ub840\uac00 \uc5ec\ub7ec \ucc28\ub840 \uc788\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud3c9\ud0c4\ud55c \uc218\uc775\ub960 \uace1\uc120\uc740 \ub2e8\uae30\uc640 \uc7a5\uae30 \uc218\uc775\ub960 \ucc28\uc774\uac00 \uac70\uc758 \uc5c6\ub294 \uc0c1\ud0dc\ub85c, \uacbd\uc81c \uc804\ud658\uae30\ub098 \ud1b5\ud654\uc815\ucc45 \ubcc0\ud654 \uc2dc\uc810\uc5d0 \ub098\ud0c0\ub0a0 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \uc218\uc775\ub960 \uace1\uc120\uc758 \ud615\ud0dc \ubcc0\ud654\ub97c \uad00\ucc30\ud568\uc73c\ub85c\uc368 \uacbd\uc81c \uc0ac\uc774\ud074\uc758 \ub2e8\uacc4\ub97c \ud30c\uc545\ud558\uace0 \ud22c\uc790 \uc804\ub7b5\uc744 \uc870\uc815\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud22c\uc790\uc790\uc758 \ucc44\uad8c \uc218\uc775\ub960 \ud65c\uc6a9 \ubc29\uc2dd<\/strong><\/h3>\n\n\n\n<p>\uc2e4\ubb34\uc5d0\uc11c \ud22c\uc790\uc790\ub4e4\uc740 \ucc44\uad8c \uc218\uc775\ub960\uc744 \ub2e4\uc591\ud55c \ubc29\uc2dd\uc73c\ub85c \ud65c\uc6a9\ud569\ub2c8\ub2e4. \uccab\uc9f8, \uc0c1\ub300 \uac00\uce58 \uc804\ub7b5\uc73c\ub85c \uc720\uc0ac\ud55c \ud2b9\uc131\uc744 \uac00\uc9c4 \ucc44\uad8c\ub4e4 \uc911\uc5d0\uc11c \uc218\uc775\ub960\uc774 \uc0c1\ub300\uc801\uc73c\ub85c \ub192\uc740 \ucc44\uad8c\uc744 \ub9e4\uc785\ud558\uace0, \uc218\uc775\ub960\uc774 \ub0ae\uc740 \ucc44\uad8c\uc744 \ub9e4\ub3c4\ud558\uac70\ub098 \ud68c\ud53c\ud558\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub458\uc9f8, \uc139\ud130 \ub85c\ud14c\uc774\uc158 \uc804\ub7b5\uc5d0\uc11c \ucc44\uad8c \uc218\uc775\ub960\uc744 \ud65c\uc6a9\ud569\ub2c8\ub2e4. \uacbd\uc81c \uc0ac\uc774\ud074\uc758 \ub2e8\uacc4\uc5d0 \ub530\ub77c \uad6d\ucc44, \ud68c\uc0ac\ucc44, \uae08\uc735\ucc44 \ub4f1 \uc11c\ub85c \ub2e4\ub978 \uc139\ud130\uc758 \uc0c1\ub300\uc801 \ub9e4\ub825\ub3c4\uac00 \ubcc0\ud558\ub294\ub370, \uc218\uc775\ub960 \uc2a4\ud504\ub808\ub4dc \ubd84\uc11d\uc744 \ud1b5\ud574 \uc801\uc808\ud55c \uc139\ud130\ub97c \uc120\ud0dd\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc14b\uc9f8, \ubc14\ubca8 \uc804\ub7b5(barbell strategy)\uc774\ub098 \ub798\ub354 \uc804\ub7b5(ladder strategy) \uac19\uc740 \ub9cc\uae30 \ubd84\uc0b0 \uc804\ub7b5\uc744 \uc218\ub9bd\ud560 \ub54c \uc218\uc775\ub960 \uace1\uc120\uc744 \ucc38\uace0\ud569\ub2c8\ub2e4. \ubc14\ubca8 \uc804\ub7b5\uc740 \ub2e8\uae30\uc640 \uc7a5\uae30 \ucc44\uad8c\uc5d0 \uc9d1\uc911 \ud22c\uc790\ud558\ub294 \ubc29\uc2dd\uc774\uace0, \ub798\ub354 \uc804\ub7b5\uc740 \ub2e4\uc591\ud55c \ub9cc\uae30\uc758 \ucc44\uad8c\uc744 \uade0\ub4f1\ud558\uac8c \ubc30\ubd84\ud558\ub294 \ubc29\uc2dd\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc740 \ucc44\uad8c \uc218\uc775\ub960\uc744 \ubca4\uce58\ub9c8\ud06c \ub300\ube44 \uc131\uacfc\ub97c \uce21\uc815\ud558\ub294 \uae30\uc900\uc73c\ub85c\ub3c4 \uc0ac\uc6a9\ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, \uc5f0\uae08\uae30\uae08\uc740 \ubaa9\ud45c \uc218\uc775\ub960\uc744 \uc124\uc815\ud558\uace0, \ud604\uc7ac \uc2dc\uc7a5\uc5d0\uc11c \uc81c\uacf5\ub418\ub294 \ucc44\uad8c \uc218\uc775\ub960\uc774 \uc774 \ubaa9\ud45c\ub97c \ub2ec\uc131\ud560 \uc218 \uc788\ub294\uc9c0 \ud3c9\uac00\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc218\uc775\ub960 \ucd5c\uc801\ud654\uc640 \ub9ac\uc2a4\ud06c \uad00\ub9ac<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960 \ubd84\uc11d\uc740 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc804\uccb4\uc758 \uc218\uc775\ub960\uc744 \ucd5c\uc801\ud654\ud558\uace0 \ub9ac\uc2a4\ud06c\ub97c \uad00\ub9ac\ud558\ub294 \ub370 \ud575\uc2ec\uc801\uc778 \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. \ud22c\uc790\uc790\ub294 \ubaa9\ud45c \uc218\uc775\ub960\uacfc \ub9ac\uc2a4\ud06c \ud5c8\uc6a9\ub3c4\ub97c \uace0\ub824\ud574 \uc801\uc808\ud55c \ucc44\uad8c \uc870\ud569\uc744 \uad6c\uc131\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub4c0\ub808\uc774\uc158 \uad00\ub9ac\ub294 \uae08\ub9ac \ub9ac\uc2a4\ud06c\ub97c \ud1b5\uc81c\ud558\ub294 \ud575\uc2ec \ubc29\ubc95\uc785\ub2c8\ub2e4. \uae08\ub9ac \uc0c1\uc2b9\uc774 \uc608\uc0c1\ub41c\ub2e4\uba74 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc758 \ud3c9\uade0 \ub4c0\ub808\uc774\uc158\uc744 \uc904\uc5ec \uae08\ub9ac \uc0c1\uc2b9\uc73c\ub85c \uc778\ud55c \uac00\uaca9 \ud558\ub77d \uc704\ud5d8\uc744 \ucd5c\uc18c\ud654\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ubc18\ub300\ub85c \uae08\ub9ac \ud558\ub77d\uc774 \uc608\uc0c1\ub41c\ub2e4\uba74 \ub4c0\ub808\uc774\uc158\uc744 \ub298\ub824 \uc790\ubcf8 \uc774\ub4dd \uae30\ud68c\ub97c \ud3ec\ucc29\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc2e0\uc6a9 \ub9ac\uc2a4\ud06c \ubd84\uc0b0\ub3c4 \uc911\uc694\ud569\ub2c8\ub2e4. \ub2e4\uc591\ud55c \uc2e0\uc6a9\ub4f1\uae09\uacfc \uc0b0\uc5c5 \uc139\ud130\uc758 \ucc44\uad8c\uc5d0 \ubd84\uc0b0 \ud22c\uc790\ud558\uba74, \ud2b9\uc815 \ubc1c\ud589\uc790\uc758 \uc2e0\uc6a9 \uc545\ud654\uac00 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc804\uccb4\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uc744 \uc904\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc77c\ubc18\uc801\uc73c\ub85c \ud22c\uc790\uc801\uaca9\ub4f1\uae09 \ucc44\uad8c\uc744 \uc911\uc2ec\uc73c\ub85c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \uad6c\uc131\ud558\ub418, \uc218\uc775\ub960 \uc81c\uace0\ub97c \uc704\ud574 \uc77c\ubd80 \uace0\uc218\uc775 \ucc44\uad8c\uc744 \ud3ec\ud568\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc7ac\ud22c\uc790 \ub9ac\uc2a4\ud06c \uad00\ub9ac\ub3c4 \uace0\ub824\ud574\uc57c \ud569\ub2c8\ub2e4. \ucc44\uad8c\uc5d0\uc11c \ubc1b\uc740 \uc774\uc790\ub97c \uc7ac\ud22c\uc790\ud560 \ub54c\uc758 \uae08\ub9ac\uac00 \ud604\uc7ac\ubcf4\ub2e4 \ub0ae\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ub9ac\uc2a4\ud06c\ub97c \uad00\ub9ac\ud558\uae30 \uc704\ud574 \ub9cc\uae30\ub97c \ubd84\uc0b0\ud558\uac70\ub098, \ubb34\ucfe0\ud3f0 \ucc44\uad8c\uc744 \ud65c\uc6a9\ud558\ub294 \ub4f1\uc758 \uc804\ub7b5\uc744 \uc0ac\uc6a9\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\uae08\ub9ac \ubcc0\ub3d9 \uc608\uce21<\/strong><\/h3>\n\n\n\n<p>\ucc44\uad8c \uc218\uc775\ub960 \ubd84\uc11d\uc740 \ud5a5\ud6c4 \uae08\ub9ac \ubcc0\ub3d9\uc744 \uc608\uce21\ud558\ub294 \ub370 \uc911\uc694\ud55c \ud1b5\ucc30\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc218\uc775\ub960 \uace1\uc120\uc758 \ud615\ud0dc\uc640 \ubcc0\ud654 \ucd94\uc774\ub294 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4\uc758 \uc9d1\ub2e8\uc801 \uae30\ub300\ub97c \ubc18\uc601\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc120\ub3c4 \uae08\ub9ac(forward rate) \ubd84\uc11d\uc740 \ubbf8\ub798 \uc2dc\uc810\uc758 \uae08\ub9ac\ub97c \uc608\uce21\ud558\ub294 \ubc29\ubc95\uc785\ub2c8\ub2e4. \ud604\uc7ac\uc758 \uc7a5\ub2e8\uae30 \ucc44\uad8c \uc218\uc775\ub960 \ucc28\uc774\ub85c\ubd80\ud130 \uc2dc\uc7a5\uc774 \uc608\uc0c1\ud558\ub294 \ubbf8\ub798 \uae08\ub9ac\ub97c \uc5ed\uc0b0\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 1\ub144 \ub9cc\uae30 \ucc44\uad8c \uc218\uc775\ub960\uc774 2%\uc774\uace0 2\ub144 \ub9cc\uae30 \ucc44\uad8c \uc218\uc775\ub960\uc774 2.5%\ub77c\uba74, \uc2dc\uc7a5\uc740 1\ub144 \ud6c4 1\ub144 \ub9cc\uae30 \uae08\ub9ac\uac00 \uc57d 3%\uac00 \ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uace0 \uc788\ub2e4\uace0 \ud574\uc11d\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uc911\uc559\uc740\ud589\uc758 \ud1b5\ud654\uc815\ucc45 \ubc29\ud5a5\ub3c4 \ucc44\uad8c \uc218\uc775\ub960 \uc6c0\uc9c1\uc784\uc5d0\uc11c \ub2e8\uc11c\ub97c \uc5bb\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub2e8\uae30 \ucc44\uad8c \uc218\uc775\ub960\uc740 \uc911\uc559\uc740\ud589\uc758 \uae30\uc900\uae08\ub9ac \uc815\ucc45\uc5d0 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\ubbc0\ub85c, \ub2e8\uae30 \uc218\uc775\ub960\uc758 \ubcc0\ud654 \ucd94\uc774\ub97c \uad00\ucc30\ud558\uba74 \uc2dc\uc7a5\uc774 \uc608\uc0c1\ud558\ub294 \ud1b5\ud654\uc815\ucc45 \uacbd\ub85c\ub97c \ud30c\uc545\ud560 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\ub2e4\ub9cc \ucc44\uad8c \uc218\uc775\ub960\uc744 \ud65c\uc6a9\ud55c \uae08\ub9ac \uc608\uce21\uc774 \ud56d\uc0c1 \uc815\ud655\ud55c \uac83\uc740 \uc544\ub2d9\ub2c8\ub2e4. \uc608\uc0c1\uce58 \ubabb\ud55c \uacbd\uc81c \ucda9\uaca9, \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c, \ub610\ub294 \uc815\ucc45 \ubcc0\ud654\ub85c \uc778\ud574 \uae08\ub9ac\uac00 \uc608\uce21\uacfc \ub2e4\ub974\uac8c \uc6c0\uc9c1\uc77c \uc218 \uc788\uc2b5\ub2c8\ub2e4. \ub530\ub77c\uc11c \ud22c\uc790\uc790\ub294 \uc5ec\ub7ec \uc2dc\ub098\ub9ac\uc624\ub97c \uace0\ub824\ud55c \uc720\uc5f0\ud55c \uc811\uadfc\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p>\uad6d\uc81c \uae08\ub9ac \ub3d9\ud5a5\uacfc\uc758 \ube44\uad50\ub3c4 \uc720\uc6a9\ud569\ub2c8\ub2e4. \uc8fc\uc694\uad6d\uc758 \ucc44\uad8c \uc218\uc775\ub960 \ubcc0\ud654\ub294 \uae00\ub85c\ubc8c \uc790\ubcf8 \ud750\ub984\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\uba70, \uc774\ub294 \ub2e4\uc2dc \uad6d\ub0b4 \ucc44\uad8c \uc2dc\uc7a5\uc5d0\ub3c4 \uc601\ud5a5\uc744 \uc90d\ub2c8\ub2e4. \ubbf8\uad6d \uad6d\ucc44 \uc218\uc775\ub960\uc740 \uae00\ub85c\ubc8c \uae08\ub9ac\uc758 \uae30\uc900\uc810 \uc5ed\ud560\uc744 \ud558\ubbc0\ub85c, \uc774\ub97c \ubaa8\ub2c8\ud130\ub9c1\ud558\ub294 \uac83\uc774 \uc911\uc694\ud569\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ucc44\uad8c \ud22c\uc790\ub97c \uace0\ub824\ud558\uace0 \uacc4\uc2e0\uac00\uc694? \ucc44\uad8c \uc218\uc775\ub960\uc758 \uac1c\ub150\uc744 \uc774\ud574\ud558\ub294 \uac83\uc740 \ud604\uba85\ud55c \ud22c\uc790 \uacb0\uc815\uc758 \ucd9c\ubc1c\uc810\uc785\ub2c8\ub2e4. \uc774 \uac00\uc774\ub4dc\uc5d0\uc11c\ub294 \ucc44\uad8c \uc218\uc775\ub960\uc774 \ubb34\uc5c7\uc778\uc9c0, \uc5b4\ub5bb\uac8c \uacc4\uc0b0\ud558\ub294\uc9c0, \uadf8\ub9ac\uace0 \ud22c\uc790 \ubd84\uc11d\uc5d0\uc11c \uc5b4\ub5bb\uac8c \ud65c\uc6a9\ud560 \uc218 \uc788\ub294\uc9c0 \uccb4\uacc4\uc801\uc73c\ub85c \uc54c\uc544\ubcf4\uaca0\uc2b5\ub2c8\ub2e4. \ucc44\uad8c \uc218\uc775\ub960\uc758 \uc815\uc758\uc640 \ud575\uc2ec \uac1c\ub150 \ucc44\uad8c \uc218\uc775\ub960(bond yield)\uc740 \ucc44\uad8c \ud22c\uc790\ub85c\ubd80\ud130 \uc5bb\uc744 \uc218 \uc788\ub294 \uc218\uc775\uc758 \ucc99\ub3c4\uc785\ub2c8\ub2e4. \ub2e8\uc21c\ud788 \ucc44\uad8c\uc774 \uc9c0\uae09\ud558\ub294 \uc774\uc790\ub9cc\uc744 \uc758\ubbf8\ud558\ub294 \uac83\uc774 \uc544\ub2c8\ub77c, \ucc44\uad8c\uc758 \ud604\uc7ac \uc2dc\uc7a5 \uac00\uaca9, \uc561\uba74\uac00, \ucfe0\ud3f0 \uc774\uc790\uc728, \ub9cc\uae30\uae4c\uc9c0 \ub0a8\uc740 \uae30\uac04 \ub4f1 \uc5ec\ub7ec \uc694\uc18c\ub97c \uc885\ud569\uc801\uc73c\ub85c \uace0\ub824\ud55c \uc218\uc775\ub960\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4, 100\ub9cc \uc6d0\uc9dc\ub9ac \ucc44\uad8c\uc744 95\ub9cc \uc6d0\uc5d0 \uad6c\ub9e4\ud588\ub2e4\uba74, \uc2e4\uc81c \uc218\uc775\ub960\uc740 \ucc44\uad8c\uc774 \uba85\uc2dc\ud55c \uc774\uc790\uc728\ubcf4\ub2e4 \ub192\uc544\uc9d1\ub2c8\ub2e4. \uc774\ucc98\ub7fc \ucc44\uad8c \uc218\uc775\ub960\uc740 \ud22c\uc790\uc790\uac00 \uc2e4\uc81c\ub85c \uc5bb\uac8c \ub420 \uc218\uc775\uc744 \ubcf4\ub2e4 \uc815\ud655\ud558\uac8c \ubc18\uc601\ud558\ub294 \uc9c0\ud45c\uc785\ub2c8\ub2e4. \ucc44\uad8c \uc218\uc775\ub960\uc758 \uc791\ub3d9 \uc6d0\ub9ac \ucc44\uad8c \uc218\uc775\ub960\uc740 \ub450 \uac00\uc9c0 \uc8fc\uc694 \uc694\uc18c\ub85c \uad6c\uc131\ub429\ub2c8\ub2e4. \uccab\uc9f8\ub294 \uc815\uae30\uc801\uc73c\ub85c \uc9c0\uae09\ub418\ub294 \uc774\uc790 \uc218\uc775\uc774\uace0, [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cfd-trading"],"_links":{"self":[{"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/posts\/168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/comments?post=168"}],"version-history":[{"count":6,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/posts\/168\/revisions"}],"predecessor-version":[{"id":674,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/posts\/168\/revisions\/674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/media\/170"}],"wp:attachment":[{"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/media?parent=168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/categories?post=168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/m4markets.site\/media-kor\/wp-json\/wp\/v2\/tags?post=168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}