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My development logbook

Yield to Maturity

Yield to maturity (YTM) is sometimes known simply as “yield”, “redemption yield” or “gross redemption yield” (GRY) because it is the yield to the redemption date assuming all cashflows are paid gross (no tax deduction for example).

It is the internal rate of return of a bond – the yield necessary to discount all the bond’s cashflows to an NPV equal to its current price