The average return earned by a bondholder, given the assumptions that the bond is called on its first call date and that the bondholder receives the eligible interest payments and the call price between the date of purchase and the call date.

Yield to call

Explanation:

Yield to call (YTC) is a financial term that represents the return that one would receive if they held a note or bond until its call date before the debt instrument reaches maturity. In other words, it's the earnings you would receive if you held a bond until it was called before it matured

Yield to call is the return on investment for a fixed income holder if the underlying security i.e. Callable Bond is held until the pre-determined call date and not the maturity date

The yield to call (YTC) is a calculation of the total return of a bond based off of the purchase price, the par value, and how much will be received in coupon payments until the call date. Where: YTC = yield to call. C = annual coupon.

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