(1) For interest-bearing bonds, if the market price is equal to the face value, its yield to maturity is equal to coupon rate; If the market price is lower than the face value, its yield to maturity is higher than coupon rate; If the market price is higher than the face value, its yield to maturity is lower than coupon rate;

(2) As bond prices rise, yield to maturity will inevitably decline; When bond prices fall, yield to maturity will inevitably rise;

(3) If the yield of bonds does not change during the whole term, it means that the market price is close to the face value, and the approaching speed is getting faster and faster;

(4) The decrease of bond yield will lead to the increase of bond price, and the amount of increase will exceed the amount of price decrease caused by the same increase of bond yield;

(5) If the coupon rate of the bond is high, the percentage change of the bond price caused by the change of the yield will be relatively small (this principle does not apply to 1 year bonds or life bonds).