Using bootstrapping, i can derive spot rate curve from Treasury par yield curve. I added a couple extra maturities to the par curve, 60 year at +10bps to 30 year, then hold flat for the next 50 year. My question is, why is my spot rate curve sloping downward starting around the 60 year mark, when my par yield is held constant? Looking for intuition behind this. Any help is appreciated. enter image description here

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    $\begingroup$ I understand what the definition of yield-to-maturity is. What is your definition of "spot rate curve" here please in relation to bonds. Knowing this will surely allow someone to answer your question. $\endgroup$
    – Attack68
    Commented Feb 16 at 6:31


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