The Convexity of a Bond

The underlying am intrest rate matters for when you're comparing two frent bonds. When that a six percent bond moves, the yield moves. It's moving from hundred to one, o one, or a hundred to o 99. The five % bond ra at 90. Well, it's not going to go to 90, oner 89, ecause it's a smaller numberit. This creates convexity. In a fixed income a bond, any bonde out there wherewhere you have a coupon that's fixed,. a material that's fixed, nd there's no call feature, that bond is positively convex. And thus, since the g who who who um owns