Durationsrisiko

Durationsrisiko refers to the sensitivity of a bond's price to changes in interest rates. It is a key concept in fixed-income investing, helping investors understand how much a bond's value might fluctuate if market interest rates move. The higher the durationsrisiko, the more volatile the bond's price will be in response to interest rate shifts.

This risk arises because when interest rates change, the present value of a bond's future cash flows (coupon payments and principal repayment) also changes. If interest rates rise, newly issued bonds will offer higher coupon payments, making existing bonds with lower coupon rates less attractive. Consequently, the price of existing bonds will fall to compensate investors for the lower yield. Conversely, if interest rates fall, existing bonds with higher coupon rates become more attractive, and their prices will rise.

Durationsrisiko is typically measured by a metric called "duration," which is often expressed in years. A bond with a duration of five years, for example, is expected to decrease in price by approximately 5% for every 1% increase in interest rates, and vice versa. Factors influencing durationsrisiko include the bond's coupon rate, time to maturity, and the prevailing interest rate environment. Investors use this concept to manage their portfolio's overall interest rate sensitivity and to make informed investment decisions.