The article notes that investment in bonds leads to two types of risks depending on the investment's structure, and also on the future values of interest rates: interest-rate risk and risk of reinvestment. The investment analysis uses a number of methods for an assessment of interest risk. One of the most known methods is based on duration use. However there are no standard ways of an assessment of reinvestment risk. The author studies influence of interest rates of the results of investment. The paper presents risks of reinvestment depending on bond duration. The author offers a new indicator of reinvestment risk, i.e. complimentary duration. The work analyzes properties of this indicator and its permissible variations.
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