Bond ladder examples
Examples of step portfolios computed automatically with today's market prices: €10,000 on each rung and one bond maturing every year.
A bond ladder spreads your capital across bonds with different maturities: every year one rung is repaid and can be spent or reinvested in the longest rung. You collect the coupons and reduce the risk from changing interest rates.
Closing prices of 14/10/2026, simulated purchase settling on 16/10/2026
BTPs only
Estimated risk MediumFixed-coupon BTPs only: a single issuer, the Italian Republic, taxed at 12.5%.
- Invested
- €48,309
- Net coupons
- +€2,345
- Net redemption
- €50,657
- Net gain
- +€4,693
- Average annual yield
- 3.19%
- net, weighted by amount invested · gross 3.65%
Rungs
| Maturity | Bond | Coupon | Price | Nominal | Invested | Net coupons | Net redemption | Net gain | Net yield | Estimated risk |
|---|---|---|---|---|---|---|---|---|---|---|
| 15/10/2027 |  BTP 2,7% 15/10/2027IT0005622128 · REPUBBLICA ITALIANA | 2.7% | 99.52 | 10,000 | €9,953 | +€236 | €9,994+€41 | +€277 | 2.81% | Medium |
| 15/07/2028 | BTP 0,5% 15/07/2028 IT0005445306 · REPUBBLICA ITALIANA | 0.5% | 95.13 | 10,000 | €9,526 | +€88 | €9,939+€413 | +€501 | 2.99% | Medium |
| 01/10/2029 | BTP 3% 01/10/2029 IT0005611055 · REPUBBLICA ITALIANA | 3% | 98.05 | 10,000 | €9,817 | +€788 | €9,976+€158 | +€946 | 3.26% | Medium |
| 01/10/2030 | BTP 2,7% 01/10/2030 IT0005654642 · REPUBBLICA ITALIANA | 2.7% | 95.71 | 10,000 | €9,582 | +€945 | €9,946+€364 | +€1,309 | 3.43% | Medium |
| 01/08/2031 | BTP 0,6% 01/08/2031 IT0005436693 · REPUBBLICA ITALIANA | 0.6% | 85.61 | 11,000 | €9,431 | +€289 | €10,802+€1,371 | +€1,660 | 3.49% | Medium |
| Total | €48,309 | +€2,345 | €50,657+€2,348 | +€4,693 | 3.19% | |||||
Signed figures are gains (+) or losses (−) after tax. Under the net redemption is the difference from the amount invested: it is negative when the bond costs more than 100 and it includes the accrued interest paid on purchase, which comes back with the first coupon. Net gain = net coupons + net redemption − invested.
Net cash flows per year
| Year | Net coupons | Redemptions | Total |
|---|---|---|---|
| 2027 | €837 | €9,994 | €10,831 |
| 2028 | €600 | €9,939 | €10,539 |
| 2029 | €557 | €9,976 | €10,532 |
| 2030 | €294 | €9,946 | €10,240 |
| 2031 | €58 | €10,802 | €10,860 |
European government bonds
Estimated risk MediumGovernment bonds of the other European Union countries, in euro, at most two rungs per state. Taxed at 12.5%.
- Invested
- €48,206
- Net coupons
- +€3,916
- Net redemption
- €48,803
- Net gain
- +€4,513
- Average annual yield
- 3.40%
- net, weighted by amount invested · gross 3.97%
Rungs
| Maturity | Bond | Coupon | Price | Nominal | Invested | Net coupons | Net redemption | Net gain | Net yield | Estimated risk |
|---|---|---|---|---|---|---|---|---|---|---|
| 24/09/2027 |  OAT FX 2.5% SEP27 EURFR001400NBC6 · DIRECTION GENERALE DU TRESOR | 2.5% | 99.42 | 10,000 | €9,957 | +€219 | €9,993+€36 | +€255 | 2.72% | Low |
| 18/09/2028 |  ROMANIA FX 5.5% SEP28 EURXS2689949399 · MINISTERUL FINANȚELOR | 5.5% | 102.58 | 9,000 | €9,270 | +€866 | €9,000-€270 | +€596 | 3.37% | Medium |
| 11/03/2029 | ROMANIA TF 2,875% MZ29 EUR XS1892141620 · MINISTERUL FINANȚELOR | 2.875% | 96.80 | 10,000 | €9,853 | +€755 | €9,960+€108 | +€862 | 3.67% | Medium |
| 24/02/2030 |  GGB FB30 SC EURGR0133008210 · ΕΛΛΗΝΙΚΗ ΔΗΜΟΚΡΑΤΙΑ-ΥΠΟΥΡΓΕΙΟ ΕΘΝΙΚΗΣ ΟΙΚΟΝΟΜΙΑΣ ΚΑΙ ΟΙΚΟΝΟΜΙΚΩΝ | 4.3% | 100.14 | 9,000 | €9,261 | +€1,355 | €9,000-€261 | +€1,094 | 3.60% | Medium |
| 25/05/2031 | OAT TF 1,5% MG31 EUR FR0012993103 · DIRECTION GENERALE DU TRESOR | 1.5% | 89.10 | 11,000 | €9,866 | +€722 | €10,850+€984 | +€1,706 | 3.63% | Low |
| Total | €48,206 | +€3,916 | €48,803+€597 | +€4,513 | 3.40% | |||||
Signed figures are gains (+) or losses (−) after tax. Under the net redemption is the difference from the amount invested: it is negative when the bond costs more than 100 and it includes the accrued interest paid on purchase, which comes back with the first coupon. Net gain = net coupons + net redemption − invested.
Net cash flows per year
| Year | Net coupons | Redemptions | Total |
|---|---|---|---|
| 2027 | €1,386 | €9,993 | €11,379 |
| 2028 | €1,168 | €9,000 | €10,168 |
| 2029 | €735 | €9,960 | €10,695 |
| 2030 | €483 | €9,000 | €9,483 |
| 2031 | €144 | €10,850 | €10,995 |
Low estimated risk
Estimated risk LowOnly states and supranational bodies with very low or low estimated risk (Germany, the Netherlands, France, EIB…), at most two rungs per issuer.
- Invested
- €48,851
- Net coupons
- +€2,395
- Net redemption
- €50,694
- Net gain
- +€4,238
- Average annual yield
- 3.10%
- net, weighted by amount invested · gross 3.57%
Rungs
| Maturity | Bond | Coupon | Price | Nominal | Invested | Net coupons | Net redemption | Net gain | Net yield | Estimated risk |
|---|---|---|---|---|---|---|---|---|---|---|
| 24/09/2027 | OAT FX 2.5% SEP27 EUR FR001400NBC6 · DIRECTION GENERALE DU TRESOR | 2.5% | 99.42 | 10,000 | €9,957 | +€219 | €9,993+€36 | +€255 | 2.72% | Low |
| 24/09/2028 | OAT FX 2.4% SEP28 EUR FR001400XLW2 · DIRECTION GENERALE DU TRESOR | 2.4% | 97.88 | 10,000 | €9,802 | +€420 | €9,974+€171 | +€591 | 3.10% | Low |
| 30/07/2029 |  OBLIGACIONES TF 0,8% LG29 EURES0000012K53 · SECRETARÍA GENERAL DEL TESORO Y FINANCIACIÓN INTERNACIONAL | 0.8% | 93.00 | 10,000 | €9,317 | +€210 | €9,913+€595 | +€805 | 3.04% | Low |
| 06/05/2030 |  LITHUANIA FX 0.75% MAY30 EURXS2168038847 · LIETUVOS RESPUBLIKOS FINANSŲ MINISTERIJA | 0.75% | 90.02 | 11,000 | €9,939 | +€289 | €10,863+€924 | +€1,212 | 3.33% | Low |
| 15/01/2031 |  POLAND FX 2.875% JAN31 EURXS3268040964 · MINISTERSTWO FINANSÓW | 2.875% | 96.20 | 10,000 | €9,836 | +€1,258 | €9,953+€117 | +€1,374 | 3.31% | Low |
| Total | €48,851 | +€2,395 | €50,694+€1,843 | +€4,238 | 3.10% | |||||
Signed figures are gains (+) or losses (−) after tax. Under the net redemption is the difference from the amount invested: it is negative when the bond costs more than 100 and it includes the accrued interest paid on purchase, which comes back with the first coupon. Net gain = net coupons + net redemption − invested.
Net cash flows per year
| Year | Net coupons | Redemptions | Total |
|---|---|---|---|
| 2027 | €823 | €9,993 | €10,815 |
| 2028 | €604 | €9,974 | €10,577 |
| 2029 | €394 | €9,913 | €10,306 |
| 2030 | €324 | €10,863 | €11,187 |
| 2031 | €252 | €9,953 | €10,204 |
Medium estimated risk
Estimated risk MediumEstimated risk up to medium, corporate bonds included, at most one rung per issuer. Corporates taxed at 26%.
- Invested
- €46,344
- Net coupons
- +€5,287
- Net redemption
- €45,972
- Net gain
- +€4,916
- Average annual yield
- 3.69%
- net, weighted by amount invested · gross 4.80%
Rungs
| Maturity | Bond | Coupon | Price | Nominal | Invested | Net coupons | Net redemption | Net gain | Net yield | Estimated risk |
|---|---|---|---|---|---|---|---|---|---|---|
| 23/09/2027 | KME GROUP TF 5% ST27 CALL EUR IT0005503393 · KME GROUP S.P.A. | 5% | 99.95 | 9,000 | €9,024 | +€333 | €8,999-€25 | +€308 | 3.65% | Medium |
| 18/09/2028 | ROMANIA FX 5.5% SEP28 EUR XS2689949399 · MINISTERUL FINANȚELOR | 5.5% | 102.58 | 9,000 | €9,270 | +€866 | €9,000-€270 | +€596 | 3.37% | Medium |
| 23/09/2029 |  BULGARIA TF 4,125% ST29 EURXS2536817211 · Министерство на финансите | 4.125% | 100.34 | 9,000 | €9,054 | +€975 | €9,000-€54 | +€921 | 3.47% | Medium |
| 12/10/2030 | GENFINANCE FX 5.75% OCT30 CALL EUR IT0005730020 · GENERALFINANCE S.P.A. | 5.75% | 100.09 | 9,000 | €9,014 | +€1,532 | €9,000-€14 | +€1,518 | 4.27% | Medium |
| 12/02/2031 |  NEWPRINCES FX 4.75% FEB31 CALL EURXS2958536976 · NEWPRINCES S.P.A. | 4.75% | 98.98 | 10,000 | €9,982 | +€1,582 | €9,973-€8 | +€1,573 | 3.69% | Medium |
| Total | €46,344 | +€5,287 | €45,972-€371 | +€4,916 | 3.69% | |||||
Signed figures are gains (+) or losses (−) after tax. Under the net redemption is the difference from the amount invested: it is negative when the bond costs more than 100 and it includes the accrued interest paid on purchase, which comes back with the first coupon. Net gain = net coupons + net redemption − invested.
Net cash flows per year
| Year | Net coupons | Redemptions | Total |
|---|---|---|---|
| 2027 | €1,825 | €8,999 | €10,824 |
| 2028 | €1,492 | €9,000 | €10,492 |
| 2029 | €1,059 | €9,000 | €10,059 |
| 2030 | €734 | €9,000 | €9,734 |
| 2031 | €176 | €9,973 | €10,149 |
How they are built
- The rungs are chosen by an algorithm with a mechanical rule, without any personal judgement: for each rung (one every year, or every 2, 3 or 5 years, up to the horizon), among the euro bonds with a fixed or zero coupon maturing in the 12 months before the rung's date, traded on the exchange in recent weeks and allowed by the profile, the one with the highest net yield.
- Each rung buys as many whole minimum lots as fit in the amount, paying price plus accrued interest: the amount invested can be slightly below the figure shown.
- Coupons and redemptions are after Italian taxes (12.5% for government and supranational bonds, 26% for the others), with the same method as the screener's net yields. The commission per purchase, if set, is paid on each rung within the chosen amount: it is part of the purchase cost, so it lowers the yields and the taxed capital gain. Stamp duty and coupon reinvestment are not included.
- Risk is our own estimate, not an agency rating: it considers the kind of issuer, the strength of its country, subordination and the yield the market demands. The ladder's risk is the average weighted by the amount invested.