Y - Return to Index

Y2K - Refers to the Year 2000. It is often associated with a computer software problem frequently referred to as the Y2K bug. This is the inability of software to recognize dates greater than December 31, 1999.

Yellow Sheets - Is the daily quotation reports which indicates interdealer quotes for corporate bonds. Most corporate bonds are traded in the over-the-counter (OTC) market.

Yield - Is the rate of return on an asset. It is frequently expressed as a percent of the current market price.

Yield Burning - Is the activity whereby yields on treasury securities were (artificially) lowered to purchasing municipal organizations by raising the prices of those treasury or equivalent securities. This increase in prices caused these transactions to be conducted at levels which were higher than the prevailing market.

Yield Curve - Refers to the graghical or tabular representation of interest rates across different maturities. The presentation often starts with the shortest term rates and extends towards longer maturities. It reflects the market's views about implied inflation/deflation, liquidity, economic and financial activity and other market forces.

Yield to Call, Option or Event Date - Is akin to Yield to Maturity but adjusts for a short life expectancy. It is the rate of return which is measured by the current expected income stream relative to the prevailing market price assuming that the asset is held until the exercise of the first option or termination event. If the instrument is trading at a discount, then the yield to call, option or event date, will be greater than the coupon rate. If the instrument is trading at a premium, then the yield to call, option or event date, will be less than the coupon rate.

Yield to Maturity - Is the rate of return which is measured by the current expected income stream relative to the prevailing market price assuming that the asset is held until maturity. If the instrument is trading at a discount, then the yield to maturity will be greater than the coupon rate. If the instrument is trading at a premium, then the yield to maturity will be less than the coupon rate.

YTC - See Yield to Call, Option or Event Date.

YTM - See Yield to Maturity.

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