# Y

**YIELD CURVE:**Relation between the interest rate and the time to maturity of the debt for a given borrower in a given currency.

**Yield (Internal rate of Return):**The compound annual rate of return earned by an investment

**YIELD TO MATURITY (YTM):**The annual return on a bond from the date of acquisition to the date of maturity. It is the discount rate that equates the present value of cashflows from the bond to the current price of the bond. If the bond is bought at par the yield to maturity is the same as the nominal yield. If bought at premium, the yield to maturity is less than the nominal yield. If bought at discount the yield to maturity is more than the nominal yield.

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