Series 50: Yield To Average Life

Taken from our Series 50 Online Guide

Yield to Average Life

Bonds that have a sinking fund agreement require the issuer to set funds aside sufficient to redeem the issue, often prior to maturity. Often a set percentage of the issue is required to be retired each year. Yield to average life is the yield calculation for sinking fund bonds to substitute for yield to maturity when the bonds are trading below par.

The average life of a sinking fund

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