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Yard Slang for a billion.  Slang for milliard, one thousand million.
Yield Curve: The graph showing changes in yield on instruments depending on time to maturity. A system originally developed in the bond markets is now broadly applied to various financial futures. A positive sloping curve has lower interest rates at the shorter maturities and higher at the longer maturities. A negative sloping curve has higher interest rates at the shorter maturities.
Yield-to-average life (see Interest calculations). A yield that assumes the entire issue amount matures on the average life date rather than the maturity date. This is a quick and dirty method for comparing bonds with sinking funds with straight issues Average Life).
Yield-to-equivalent life (see Interest calculations). The discount rate that equates the present value of the future cash flows to the dirty price, where the cash flows take into account the bond's amortization schedule. This calculation is appropriate for sinking funds; however, it is rarely used because of its complexity Equivalent Life).
Yield-to-maturity (see Interest calculations). The yield if the bond is held to maturity. This is the most frequently used measure of value for a bond. Generally, the calculation is a function of coupon payments, dirty price, and the method for discounting coupons and the redemption value. However, the exact functional form is determined by market or dealer conventions

 

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