With few exceptions, a bond’s price at maturity (also known as par value) will never increase; it remains fixed throughout the bond’s lifetime. Because the coupon payments and par value are contractually obligated, they don’t have any potential for growth. In each case, the price returns were close to zero, meaning that virtually all their total returns were from yield. As market interest rates increase, a bond’s price decreases, with the magnitude of the decrease driven by duration, which estimates the change in value of an investment for a 1% change in interest rates. Another factor that has an impact on bond price is credit quality, especially if there’s a concern that the bond issuer won’t meet its obligations.