SherbyNet - /page/wikibook/entry.mu

Micron Document

<!DOCTYPE html>

<title>Current yield</title>

</head>

<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Current yield</span></span>

</h1>

</header>

<p>The <b>current yield</b>, <b>interest yield</b>, <b>income yield</b>, <b>flat yield</b>, <b>market yield</b>, <b>mark to market yield</b> or <b>running yield</b> is a <a href="Finance" title="Finance">financial</a> term 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> such as <a href="Gilts" class="mw-redirect" title="Gilts">gilts</a>. It is the ratio of the annual interest (<a href="Coupon_(finance)" title="Coupon (finance)">coupon</a>) payment and the bond's <a href="Price" title="Price">price</a>:

</p><p><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 {\text{Current yield}}={\frac {\text{Annual interest payment}}{\text{Current price}}}.}">

<mtext>Current yield</mtext>

</mrow>

<mfrac>

<mtext>Annual interest payment</mtext>

<mtext>Current price</mtext>

</mfrac>

</mrow>

</mstyle>

</mrow>

<annotation encoding="application/x-tex">{\displaystyle {\text{Current yield}}={\frac {\text{Annual interest payment}}{\text{Current price}}}.}</annotation>

</semantics>

</math></span><img src="./1b201f442c2fafd6aecb84eb08c5c4d3ccfb9dc7.svg" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:43.112ex; height:6.009ex;" alt="{\displaystyle {\text{Current yield}}={\frac {\text{Annual interest payment}}{\text{Current price}}}.}" loading="lazy"></span> <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><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>

</p>

<div class="mw-heading mw-heading2"><h2 id="Example">Example</h2></div>

<p>The current yield of a bond with a face value (F) of $100 and a <a href="Nominal_yield" title="Nominal yield">coupon rate</a> (r) of 5.00% that is selling at $95.00 (clean; not including accrued interest) (P) is calculated as follows.

</p><p><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 {\text{Current Yield}}={\frac {F\times r}{P}}={\frac {\$100\times 5.00\%}{\$95.00}}={\frac {\$5.00}{\$95.00}}=5.2631\%}">

<mtext>Current Yield</mtext>

</mrow>

<mfrac>

<mrow>

</mrow>

</mfrac>

</mrow>

<mfrac>

<mrow>

</mrow>

<mrow>

</mrow>

</mfrac>

</mrow>

<mfrac>

<mrow>

</mrow>

<mrow>

</mrow>

</mfrac>

</mrow>

</mstyle>

</mrow>

<annotation encoding="application/x-tex">{\displaystyle {\text{Current Yield}}={\frac {F\times r}{P}}={\frac {\$100\times 5.00\%}{\$95.00}}={\frac {\$5.00}{\$95.00}}=5.2631\%}</annotation>

</semantics>

</math></span><img src="./0043739854451a691b485d3c56d1bf44508dc2ab.svg" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.171ex; width:62.912ex; height:5.676ex;" alt="{\displaystyle {\text{Current Yield}}={\frac {F\times r}{P}}={\frac {\$100\times 5.00\%}{\$95.00}}={\frac {\$5.00}{\$95.00}}=5.2631\%}" loading="lazy"></span>

</p>

<div class="mw-heading mw-heading2"><h2 id="Shortcomings_of_current_yield">Shortcomings of current yield</h2></div>

<p>The current yield refers only to the yield of the bond at the current moment. It does not reflect the total return over the life of the bond, or the factors affecting total return, such as:

</p>

<ul><li>the length of time over which the bond produces cash flows for the investor (the maturity date of the bond),</li>

<li>interest earned on reinvested coupon payments, or <a href="Reinvestment_risk" title="Reinvestment risk">reinvestment risk</a> (the uncertainty about the rate at which future cash flows can be reinvested), and</li>

<li>fluctuations in the market price of a bond prior to maturity.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li></ul>

<div class="mw-heading mw-heading2"><h2 id="Relationship_between_yield_to_maturity_and_coupon_rate">Relationship between yield to maturity and coupon rate</h2></div>

<p>The concept of current yield is closely related to other bond concepts, including <a href="Yield_to_maturity" title="Yield to maturity">yield to maturity</a> (YTM), and <a href="Coupon_yield" class="mw-redirect" title="Coupon yield">coupon yield</a>. When a coupon-bearing bond sells at;

</p>

<ul><li>a discount: YTM > current yield > <a href="Coupon_yield" class="mw-redirect" title="Coupon yield">coupon yield</a></li>

<li>a premium: <a href="Coupon_yield" class="mw-redirect" title="Coupon yield">coupon yield</a> > current yield > YTM</li>

<li><a href="Par_value" title="Par value">par</a>: YTM = current yield = coupon yield.</li></ul>

<p>For zero-coupon bonds selling at a discount, the coupon yield and current yield are zero, and the YTM is positive.

</p>

<ul><li><a href="Adjusted_current_yield" title="Adjusted current yield">Adjusted current yield</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

/* start https://en.wikipedia.org/ */

.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}

/* end https://en.wikipedia.org/ */

</style><div class="reflist">

/* start https://en.wikipedia.org/ */

.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("./mw/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("./mw/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("./mw/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("./mw/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}

/* end https://en.wikipedia.org/ */

</style><cite id="CITEREFMartinelli,_Lionel,_Priaulet,_Phillippe_and_Priaulet,_Stephane2003" class="citation book cs1">Martinelli, Lionel, Priaulet, Phillippe and Priaulet, Stephane (2003). <i>Fixed Income Securities: Valuation, Risk Management and Portfolio Strategies</i>. Chichester, England: John Wiley & Sons. p. 49. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-470-85277-1</bdi>.</cite><span class="cs1-maint citation-comment"><code class="cs1-code">{{cite book}}</code>: CS1 maint: multiple names: authors list (link)</span></span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><cite id="CITEREFThau2001" class="citation book cs1">Thau, Annette (2001). <i>The Bond Book</i> (Revised ed.). New York: McGraw-Hill. pp. <span class="nowrap">102–</span>104. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>0-07-135862-5</bdi>.</cite></span>

</li>

</li>

</ol></div></div>

<ul><li><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/c/currentyield.asp">Current Yield</a> at investopedia.com</li></ul>

/* start https://en.wikipedia.org/ */

.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}

/* end https://en.wikipedia.org/ */

</style><style data-mw-deduplicate="TemplateStyles:r1236075235">

/* start https://en.wikipedia.org/ */

.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}

/* end https://en.wikipedia.org/ */

</style></div><div role="navigation" class="navbox" aria-labelledby="Bond_market189" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><style data-mw-deduplicate="TemplateStyles:r1239400231">

/* start https://en.wikipedia.org/ */

.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}

/* end https://en.wikipedia.org/ */

</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>

<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="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="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>

<p><br>

</p>

/* start https://en.wikipedia.org/ */

.mw-parser-output .asbox{position:relative;overflow:hidden}.mw-parser-output .asbox table{background:transparent}.mw-parser-output .asbox p{margin:0}.mw-parser-output .asbox p+p{margin-top:0.25em}.mw-parser-output .asbox-body{font-style:italic}.mw-parser-output .asbox-note{font-size:smaller}.mw-parser-output .asbox .navbar{position:absolute;top:-0.75em;right:1em;display:none}.mw-parser-output :not(p):not(.asbox)+style+.asbox,.mw-parser-output :not(p):not(.asbox)+link+.asbox{margin-top:3em}

/* end https://en.wikipedia.org/ */

</style></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-05-26" href="https://en.wikipedia.org/wiki/?title=Current_yield&oldid=1292323549">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

</div>

</div></div>

</div>

</main>

</div>

</body></html>