Suppose we are comparing four national government bonds of equal maturity. Their characteristics are listed in the Table below.

Which one has the highest yield to maturity?

Face value Market price Coupon rate Italy 40,000 39,360 1.3 per cent France 32,000 30,000 1.5 per cent Belgium 20,000 19,760 1.3 per cent Portugal 16,000 15,800 1.5 per cent