The calculation of "Greeks" for interest rate derivatives proceeds as for equity. There is however an additional requirement, particularly for hybrid securities: that is, to estimate sensitivities related to "overall changes" in interest rates. For a bond with an embedded option, the standard yield to maturity based calculations of duration and convexity do not consider how changes in interest rates will alter the cash flows due to option exercise. To address this, "effective" duration and -convexity are introduced. Here, similar to rho and vega above, the interest rate tree is rebuilt for an upward and then downward parallel shift in the yield curve and these measures are calculated numerically given the corresponding changes in bond value.