Yankee Securities
Dollar denominated bonds issued in the U.S. by foreign banks and corporations for trade in U.S. markets.

Yield
The rate of annual income return on an investment expressed as a percentage. Income yield is obtained by dividing the current dollar income by the current market price of the security.

Yield Curve
A graphic depiction of interest rates across all maturities, 0-30 years. The shape of the curve is largely influenced by the Federal Reserve Policy as well as factors listed under "Interest Rates" above.

Yield Curve Risk
Price exposure that a security or portfolio has in the event of nonparallel shifts in the yield curve.

Yield Maintenance
For a GNMA or other mortgage security bought under a futures contract or standby commitment, the adjustment of the price upon delivery necessary to provide the same yield to the buyer that was specified in the original agreement. Yield maintenance becomes necessary when the coupon on the GNMA that is delivered is different from the coupon that had been expected at the time the agreement was made.

Yield to Adjusted Minimum Maturity
A measure designed to give the yield to the shortest possible life of a bond. It is based on the assumption of maximum sinking fund operation and a call on the bond as early as possible.

Yield to Average Life
The yield derived when the average life date (average maturity) is substituted for the maturity date of the issue.

Yield to call
The yield computed assuming cash flow is the coupon stream to the call date, when the issue is redeemed at its call date, when the issue is redeemed at its call price.

Yield to Maturity
The return a bond earns on the price at which it was purchased if it were held to maturity. It assumes that coupon payments can be reinvested at the yield to maturity.

Yield To Put
The return a bond earns assuming that it is held until a certain date and put (sold) to the issuing company at a specific price (the put price).

Yield to Worst
The yield resulting from the most adverse set of circumstances from the investor's point of view; the lowest of all possible yields.

YLD
Yield

YTAL
Yield to Average Life

YTC
Yield to Call

YTM
Yield to Maturity