债券的现值低就是购买的价格低，而到期的面值固定不变，买进价越低就代表收益率越高。

The YTM is the rate that equals the discounted notional with the current market price, i.e., P*exp{YTM*t}=N.
So, the larger the YTM is, the smaller the P, market price of the bond, is.  

The YTM is the rate that equals the discounted notional with the current market price, i.e., P*exp{YTM*t}=N.
So, the larger the YTM is, the smaller the P, market price of the bond, is.  

ps: the example above is only for zero-coupon bond. With coupon bearing bonds, the YTM are similarly defined.

哈哈 谢谢！明白了！