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<title>Adjusted current yield</title>
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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Adjusted current yield</span></span>
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<p>The <b>adjusted current yield</b> is a <a href="Finance" title="Finance">financial</a> term<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> used in reference to <a href="Bond_(finance)" title="Bond (finance)">bonds</a> and other <a href="Securities" class="mw-redirect" title="Securities">fixed-interest securities</a>. It is closely related to the concept of <a href="Current_yield" title="Current yield">current yield</a>.
</p><p>The adjusted current yield is given by the current yield with addition of
<span class="mwe-math-element mwe-math-element-inline"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}">
<semantics>
<mrow class="MJX-TeXAtom-ORD">
<mstyle displaystyle="true" scriptlevel="0">
<mrow class="MJX-TeXAtom-ORD">
<mfrac>
<mrow>
<mo stretchy="false">(</mo>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Face value</mtext>
</mrow>
<mo>−<!-- − --></mo>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Clean price</mtext>
</mrow>
<mo stretchy="false">)</mo>
<mrow class="MJX-TeXAtom-ORD">
<mo>/</mo>
</mrow>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Years to maturity</mtext>
</mrow>
</mrow>
<mtext>Clean price</mtext>
</mfrac>
</mrow>
<mo>⋅<!-- ⋅ --></mo>
<mn>100</mn>
<mi mathvariant="normal">%<!-- % --></mi>
<mo>.</mo>
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</mrow>
<annotation encoding="application/x-tex">{\displaystyle {\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}</annotation>
</semantics>
</math></span><img src="./a3ab18de8e06ea5a7538119dbac6847f38da88ea.svg" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:54.374ex; height:6.176ex;" alt="{\displaystyle {\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}" loading="lazy"></span>
</p><p>Here <i>Face value</i> is the <a href="Face_value" title="Face value">face value</a> of the bond, and <i>Clean price</i> is the <a href="Clean_price" title="Clean price">clean price</a> of the bond (i.e. <a href="Present_value" title="Present value">present value</a> of the bond with <a href="Accrued_interest" title="Accrued interest">accrued interest</a> subtracted).
</p>
<div class="mw-heading mw-heading2"><h2 id="Formula_for_adjusted_current_yield">Formula for adjusted current yield</h2></div>
<p>In total the <i>adjusted current yield</i> is given by
<span class="mwe-math-element mwe-math-element-inline"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {\text{Annual coupon payments}}{\text{Clean price}}}\cdot 100\%+{\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}">
<semantics>
<mrow class="MJX-TeXAtom-ORD">
<mstyle displaystyle="true" scriptlevel="0">
<mrow class="MJX-TeXAtom-ORD">
<mfrac>
<mtext>Annual coupon payments</mtext>
<mtext>Clean price</mtext>
</mfrac>
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<mo>⋅<!-- ⋅ --></mo>
<mn>100</mn>
<mi mathvariant="normal">%<!-- % --></mi>
<mo>+</mo>
<mrow class="MJX-TeXAtom-ORD">
<mfrac>
<mrow>
<mo stretchy="false">(</mo>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Face value</mtext>
</mrow>
<mo>−<!-- − --></mo>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Clean price</mtext>
</mrow>
<mo stretchy="false">)</mo>
<mrow class="MJX-TeXAtom-ORD">
<mo>/</mo>
</mrow>
<mrow class="MJX-TeXAtom-ORD">
<mtext>Years to maturity</mtext>
</mrow>
</mrow>
<mtext>Clean price</mtext>
</mfrac>
</mrow>
<mo>⋅<!-- ⋅ --></mo>
<mn>100</mn>
<mi mathvariant="normal">%<!-- % --></mi>
<mo>.</mo>
</mstyle>
</mrow>
<annotation encoding="application/x-tex">{\displaystyle {\frac {\text{Annual coupon payments}}{\text{Clean price}}}\cdot 100\%+{\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}</annotation>
</semantics>
</math></span><img src="./a53a864910a0a23fc10951ad6f2a990d65feba6d.svg" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:90.743ex; height:6.176ex;" alt="{\displaystyle {\frac {\text{Annual coupon payments}}{\text{Clean price}}}\cdot 100\%+{\frac {({\text{Face value}}-{\text{Clean price}})/{\text{Years to maturity}}}{\text{Clean price}}}\cdot 100\%.}" loading="lazy"></span>
</p>
<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>
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</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://ddescholar.acemap.info/field/2015424987">"Adjusted current yield - Acemap"</a>. <i>ddescholar.acemap.info</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2025-03-12</span></span>.</cite></span>
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</style><div id="Bond_market189" style="font-size:114%;margin:0 4em"><a href="Bond_market" title="Bond market">Bond market</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div>
<ul><li><a href="Bond_(finance)" title="Bond (finance)">Bond</a></li>
<li><a href="Debenture" title="Debenture">Debenture</a></li>
<li><a href="Fixed_income" title="Fixed income">Fixed income</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by issuer</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Agency_debt" title="Agency debt">Agency bond</a></li>
<li><a href="Corporate_bond" title="Corporate bond">Corporate bond</a>
<ul><li><a href="Senior_debt" title="Senior debt">Senior debt</a></li>
<li><a href="Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li></ul></li>
<li><a href="Distressed_securities" title="Distressed securities">Distressed debt</a></li>
<li><a href="Government_bond" title="Government bond">Government bond</a></li>
<li><a href="Infrastructure_bond" title="Infrastructure bond">Infrastructure bond</a></li>
<li><a href="Municipal_bond" title="Municipal bond">Municipal bond</a></li>
<li><a href="Global_bond" title="Global bond">Global bond</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of bonds by payout</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Accrual_bond" title="Accrual bond">Accrual bond</a></li>
<li><a href="Auction_rate_security" title="Auction rate security">Auction rate security</a></li>
<li><a href="Commercial_paper" title="Commercial paper">Commercial paper</a></li>
<li><a href="Consol_(bond)" title="Consol (bond)">Consol</a></li>
<li><a href="Convertible_bond" title="Convertible bond">Convertible bond</a>
<ul><li><a href="Contingent_convertible_bond" title="Contingent convertible bond">Contingent</a></li>
<li><a href="Reverse_convertible_securities" title="Reverse convertible securities">Reverse</a></li></ul></li>
<li><a href="Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li>
<li><a href="Extendible_bond" title="Extendible bond">Extendible bond</a></li>
<li><a href="Fixed_rate_bond" class="mw-redirect" title="Fixed rate bond">Fixed rate bond</a></li>
<li><a href="Floating_rate_note" title="Floating rate note">Floating rate note</a>
<ul><li><a href="Inverse_floating_rate_note" title="Inverse floating rate note">Inverse</a></li>
<li><a href="Inflation-indexed_bond" title="Inflation-indexed bond">Inflation-indexed</a></li></ul></li>
<li><a href="High-yield_debt" title="High-yield debt">High-yield debt</a></li>
<li><a href="Lottery_bond" title="Lottery bond">Lottery bond</a></li>
<li><a href="Perpetual_bond" title="Perpetual bond">Perpetual bond</a></li>
<li><a href="Zero-coupon_bond" title="Zero-coupon bond">Zero-coupon bond</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Bond_option" title="Bond option">Bond options</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Callable_bond" title="Callable bond">Callable bond</a></li>
<li><a href="Convertible_bond" title="Convertible bond">Convertible bond</a></li>
<li><a href="Embedded_option" title="Embedded option">Embedded option</a></li>
<li><a href="Exchangeable_bond" title="Exchangeable bond">Exchangeable bond</a></li>
<li><a href="Extendible_bond" title="Extendible bond">Extendible bond</a></li>
<li><a href="Puttable_bond" title="Puttable bond">Puttable bond</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Bond_valuation" title="Bond valuation">Bond valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Clean_price" title="Clean price">Clean price</a></li>
<li><a href="Bond_convexity" title="Bond convexity">Convexity</a></li>
<li><a href="Coupon_(finance)" title="Coupon (finance)">Coupon</a></li>
<li><a href="Yield_spread" title="Yield spread">Credit spread</a></li>
<li><a href="Current_yield" title="Current yield">Current yield</a></li>
<li><a href="Dirty_price" title="Dirty price">Dirty price</a></li>
<li><a href="Bond_duration" class="mw-redirect" title="Bond duration">Duration</a></li>
<li><a href="I-spread" title="I-spread">I-spread</a></li>
<li><a href="Mortgage_yield" title="Mortgage yield">Mortgage yield</a></li>
<li><a href="Nominal_yield" title="Nominal yield">Nominal yield</a></li>
<li><a href="Option-adjusted_spread" title="Option-adjusted spread">Option-adjusted spread</a></li>
<li><a href="Risk-free_bond" title="Risk-free bond">Risk-free bond</a></li>
<li><a href="Weighted-average_life" title="Weighted-average life">Weighted-average life</a></li>
<li><a href="Yield_curve" title="Yield curve">Yield curve</a></li>
<li><a href="Yield_spread" title="Yield spread">Yield spread</a></li>
<li><a href="Yield_to_maturity" title="Yield to maturity">Yield to maturity</a></li>
<li><a href="Z-spread" title="Z-spread">Z-spread</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securitized products</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Asset-backed_security" title="Asset-backed security">Asset-backed security</a></li>
<li><a href="Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligation</a></li>
<li><a href="Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligation</a></li>
<li><a href="Commercial_mortgage-backed_security" title="Commercial mortgage-backed security">Commercial mortgage-backed security</a></li>
<li><a href="Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed security</a></li></ul>
</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Institutions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">
<ul><li><a href="Commercial_Mortgage_Securities_Association" title="Commercial Mortgage Securities Association">Commercial Mortgage Securities Association</a> (CMSA)</li>
<li><a href="International_Capital_Market_Association" title="International Capital Market Association">International Capital Market Association</a> (ICMA)</li>
<li><a href="Securities_Industry_and_Financial_Markets_Association" title="Securities Industry and Financial Markets Association">Securities Industry and Financial Markets Association</a> (SIFMA)</li></ul>
</div></td></tr></tbody></table></div>
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