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Topic: Yield (finance)

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ecological yield

Yield economics

Dividend yield

yield curve

Percent yield

maximum sustainable yield

high yield bond

price discrimination and yield management

optimum sustainable yield

yield point

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	Yield curve - Wikipedia, the free encyclopedia
		In finance and economics, the yield curve or the term structure of interest rates is the relationship between the cost of borrowing money and the amount of time the money is being borrowed for.
		This theory suggests that the yield on a long-term instrument is equal to the geometric mean of the yield on a series of short-term instruments.
		Yield curves are usually upward sloping and accelerating; the longer the maturity, the higher the yield.
	en.wikipedia.org /wiki/Yield_curve (2483 words)

	Yield - Wikipedia, the free encyclopedia
		In finance, yield is a measure of return on a security.
		Yield is a condition in steel and other metals under tensile stress where it becomes plastic, deformation is large, and will ultimately break.
		In the context of nuclear weapons, the yield of a weapon is the amount of energy discharged when the weapon explodes, commonly expressed in tons of trinitrotoluene (TNT) needed to produce the same energy.
	en.wikipedia.org /wiki/Yield (372 words)

	Ministry of Finance, Debt Management Unit (Site not responding. Last check: 2007-10-14)
		The yield decrease in 2001 can be explained by the nominal and real interest rates decline, the low inflationary expectations and the share markets crisis that swayed many investors to increase the Government bonds' share in their portfolio.
		This yield is actually the underlying asset of the Gilon bond, and the yield spread at which the Gilon is traded is measured relative to it.
		A positive spread occurs when the yield on the bond is higher than the yield on its underlying asset; a negative spread occurs in the opposite case, i.e., when the yield on the bond is lower than that of its underlying asset.
	www.mof.gov.il /debt/dom/govBonds.asp (1125 words)

	DBC - Software for Municipal Finance and Asset-Backed Securitization
		Yield on a fixed yield issue is computed as of the issue date and is not affected by subsequent unexpected events, except to the extent provided in paragraphs (b)(4) and (h)(3) of this section.
		Yield on a fixed yield bond is computed in the same manner as yield on a fixed yield issue.
		If a fixed yield bond is subject to optional early redemption and is described in paragraph (b)(3)(ii) of this section, the yield on the issue containing the bond is computed by treating the bond as redeemed at its stated redemption price on the optional redemption date that would produce the lowest yield on the issue.
	www.dbcinc.com /products.php?arg=finance,taxregs (3298 words)

	BEX: Bond Electronic Exchange (Site not responding. Last check: 2007-10-14)
		Also sold were Bt3 billion bath of 63-day bonds for an average accepted yield of 1.96772%, with a bid coverage of 5.01 times and Bt10 billion bath of 364-day bonds for an average accepted yield of 2.56805%, with a bid coverage of 2.56 times.
		Also sold were Bt1 billion bath of 10-year bond for an average accepted yield of 4.7382%, with a bid coverage of 6.16 times, and Bt900 million bath of 15-year bond for an average accepted yield of 5.0500%, with a bid coverage of 5.46 times.
		Also sold were THB1.5 billion in 10-year bonds for an average yield of 4.8589% with bid coverage of 2.57 times, and THB 1.5 billion in 15-year bonds for an average yield of 5.128% with bid coverage of 2.64 times.
	www.set.or.th /bond/bexplorer/hnh-4.html (4586 words)

	Advanced Bond Tutorial: The Price-Yield Relationship
		A simple yield calculation that is often used to calculate the yield on both bonds and the dividend yield for stocks is the current yield.
		The yield for callable bonds is referred to as yield-to-call, and the yield for puttable bonds is referred to as yield-to-put.
		The lowest yield calculated is known as yield to worst, which is commonly used by conservative investors when calculating their expected yield.
	www.investopedia.com /university/advancedbond/advancedbond3.asp (1848 words)

	Fool.com: Yield-Based Valuations [Valuation]
		A dividend yield is the percentage of a company's stock price that it pays out as dividends over the course of a year.
		Weiss measures the average historical yield and counsels investing in a company's shares when the yield hits the edge of the undervalued band.
		The simplest way to take advantage of stocks that are undervalued based on their yield is to use the Dow Dividend Approach, which you can learn more about in the "Fool's School" area.
	www.fool.com /School/YieldBasedValuations.htm (231 words)

	Personal Finance: Money 101: Glossary
		Since bond prices and yields move in opposite directions, when the bonds are marked up, they "burn down" the yield, which may violate federal tax rules and diminishes tax revenues.
		A yield calculation in which bonds are retired routinely during the life of the issue.
		The bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date.
	money.cnn.com /services/glossary/y.html (837 words)

	Finance Glossary : finance, investment and stock market definitions
		Yield calculations on bonds aim to show the return on a gilt or bond as a percentage of either...
		Yield is a measure of the return on an...
		A comparison between the average yield from shares (dividend yield) and the average current yield...
	glossary.global-investor.com /pages/glossary.htm?SearchResource=SearchGlossary&ginPtrCode=00000&Search=yield (396 words)

	Giddy: What Is Leveraged Finance?
		As a result, levered finance is commonly employed to achieve a specific, often temporary, objective: to make an acquisition, to effect a buy-out, to repurchase shares or fund a one-time dividend, or to invest in a self-sustaining cash-generating asset.
		Leveraged Acquisition Finance is the provision of bank loans and the issue of high yield bonds to fund acquisitions of companies or parts of companies by an existing internal management team (a management buy-out), an external management team (a management buy-in) or a third party (an acquisition).
		Leveraged asset-based finance entails raising debt capital for companies where the physical assets or a defined, contractual cash flow form the basis for highly levered non- or limited-recourse funding of assets or projects.
	giddy.org /dbs/structured/LevFinarticle.htm (851 words)

	Yield-Maintenance : Commercial Mortgage, Structured Finance, Bridge Loan, Mixed-Use Property Financing, and Commercial ...
		Yield Maintenance is a prepayment penalty that, in the event the borrower pays off a loan before maturity, allows the lender to attain the same yield as if the borrower had made all scheduled mortgage payments until maturity.
		Yield maintenance premiums are designed to make lenders indifferent to an early prepayment by a borrower.
		The yield maintenance prepayment penalty would equal the difference between the current 7% rate and the yield that the bank would receive reinvesting the loan proceeds in a 10 year Treasury Note.
	www.winterandcompany.com /faq/what_yield.html (351 words)

	High Yield & Acquisition Finance / Leveraged Finance (Site not responding. Last check: 2007-10-14)
		The proceeds of these financings were used to complete a US$1.3 billion leveraged recapitalization of Blount that resulted in Lehman Brothers Merchant Banking owning most of the equity of Blount's parent, Blount International, Inc. Blount International is a manufacturer of sporting equipment, outdoor products and industrial and power equipment for the forestry industry.
		Representing JP Morgan Chase Bank and Cho Hung Bank as joint coordinating arrangers in connection with the multi-currency financing for the acquisition of _354 billion of assets of Haitai Confectionery Co., Ltd., a Korean confectionery, ice-cream and frozen foods company.
		This transaction was the largest LBO conducted by financial sponsors and financed in the Hong Kong syndicated loan market and was selected as "LBO of the Year" in Asia for 2000 by The Asset.
	www.milbank.com /recent_trans/pra_recent07_main.htm (1283 words)

	Campbell R. Harvey's Hypertextual Finance Glossary
		Finance generated within a firm by retained earnings and depreciation.
		A method of approximating a price or yield that is unknown by using numbers that are known.
		The basic mathematical technique of finance that calculates the value of an investment as the present value of all future cash flows expected to be generated by the investment.
	www.duke.edu /~charvey/Classes/wpg/bfglosi.htm (8103 words)

	Guerrilla Funk: Finance: Price Goes Up, Yield Goes Down
		Yield is a figure that captures this change in value.
		In the real world, when people talk about yield, they're really talking about another figure, called "yield to maturity." This represents the total return you can expect if you buy a bond at a given price and hold it until it matures.
		Yield to maturity includes the fact that the bond you bought for $800 will pay you $1,000 when it's due.
	www.guerrillafunk.com /finance/priceupyielddown.html (626 words)

	Export finance rate to rise as TBs yield moves up -DAWN - Business; 22 July, 2004
		KARACHI, July 21: The export finance rate that went up from 3 to 3.5 per cent in June and remains unchanged this month may rise to 4 per cent next month after the latest increase in six-month treasury bills yield.
		The SBP uses weighted average yield on six-month T-bills as a benchmark to determine export finance rate.
		The increase in the T-bills yield was in continuation of the SBP strategy adopted since the middle of February this year to allow a gradual hike in interest rates.
	www.dawn.com /2004/07/22/ebr2.htm (476 words)

	Advanced Bond Tutorial:The Term Structure of Interest Rates
		Constructed by graphing the yield to maturities and the respective maturity dates of benchmark fixed-income securities, the yield curve is a measure of the market's expectations of future interest rates given the current market conditions.
		The inverted yield curve indicates that the market currently expects interest rates to decline as time moves further into the future, which in turn means the market expects yields of long-term bonds to decline.
		When the yield to maturity was calculated, we assumed that the coupons were reinvested at an interest rate equal to the coupon rate--therefore, the bond was priced at par as though prevailing interest rates were equal to the bond's coupon rate.
	www.investopedia.com /university/advancedbond/advancedbond4.asp (1361 words)

	Hussman Funds - Weekly Market Comment: February 14, 2005 - Bad Finance
		The Mother of bad finance is the Fed Model — the notion that the prospective earnings yield on the SandP 500 should be equal to the 10-year Treasury bond yield.
		Further, the model rests on the unbaked assumption that the yield on a 10-year Treasury bond — having a duration of about 8 years — is the appropriate benchmark with which to value a stock index that currently has a duration of over 60 years.
		Given that the dividend yield on the SandP 500 is actually 1.7%, it appears that a marginally higher dividend yield could be supported by sustainable cash flows if companies were to discontinue option and stock grants (which is a poor bet).
	www.hussmanfunds.com /wmc/wmc050214.htm (1930 words)

	Rescue Finance--Struggling Companies Cope By Fusing High Yield And Bank Loans (Site not responding. Last check: 2007-10-14)
		Worse, issuers, particularly those in the whipsawed utility sector, worried that in going long now, they'd be stuck paying the price for a short-term dip in their fortunes for years to come.
		The $200 million term loan Goodyear carved out for institutional accounts carried a mouthwatering spread of LIBOR (L)+400, and investors were offered the chance to buy in at an original issue discount of 97 percent, effectively pushing the all-in spread to L+500, assuming a three-year life.
		In fact, all three of these sectors—utilities, energy and airlines—are good candidates for rescue financing because they have a fair number of fallen angel issues with looming liquidity issues and with wide swaths of unencumbered assets that can be pledged to support rescue deals.
	www.fleetcapital.com /resources/capeyes/a06-03-164.html (1083 words)

	Amazon.ca: Books: Analysing and Interpreting the Yield Curve (Site not responding. Last check: 2007-10-14)
		The yield curve is the defining indicator of the global debt capital markets, and an understanding of it is vital to the smooth running of the economy as a whole.
		Yield Curve modeling is on of the major subjects of fixed income, a subject of great power and benefits.
		As the author explains eloquently (page 56) that the yield curve is very easy to grasp the basics, but difficult to become expert at.
	www.amazon.ca /exec/obidos/ASIN/0470821256 (783 words)

	TheStreet.com: What Do Experts Expect from High-Yield Bonds in '99?
		While the real bargain-basement days are over for the high-yield market, junk bonds still are nowhere near as pricey as they were through the end of July, and the people who stake their reputations on this sort of thing continue to forecast outsized gains for the sector this year.
		Based on expectations that the economy will continue to grow in the 3% to 4% range this year, market strategists are predicting total returns in the 8% to 11% range for high yield this year, compared to less than 1% last year as measured by most indices.
		As for the yields currently available on high-yield bond funds, as of last Thursday the average fund was yielding 9.1%, according to Lipper.
	www.thestreet.com /funds/tscfundforum/720147.html (1196 words)

	School finance IN TEXAS
		School finance has been the subject of numerous political, legislative, and legal discussions (See History of School Finance).
		In addition to the program of state, federal and local aid, Texas school districts receive free textbooks, which are purchased by the state and distributed to schools using established formulas.
		Researchers concerned about the equity of School finance have focused on two important definitions of equity: vertical equity and fiscal neutrality.
	www.cppp.org /kidscount/education/finance.html (937 words)

	High Yield Investments Banking and Finance (Site not responding. Last check: 2007-10-14)
		Our high yield 10,000 page yield cyan cartridge is 100% new, not refilled or recycled.
		Our high yield 12,000 page yield fl cartridge is 100% new, not refilled or recycled.
		With CD rates falling, treasury and mutual fund yields slipping, and the real estate market in disarray, individual investors are eagerly searching for investment opportunities that will do more than simply outpace today's low inflation rate - they're looking for bold new ways to balance their portfolios and build real wealth quickly.
	www.amchamfr.com /1125-High-Yield-Investments.html (3327 words)

	News and Events Template
		Jefferies' high yield professionals are recognized leaders in high yield finance.
		With one of the largest, most experienced high yield sales forces on the Street, Jefferies is a leading underwriter and secondary trader of high yield securities.
		A track record of outstanding returns on the firm's trading capital in high yield has led Jefferies to offer an opportunity fund as yet another way to add value for our clients, shareholders and colleagues.
	jefco.com /cositemgr.pl/html/01SalesandTrading/2HighYield/index.shtml (247 words)

	Latham & Watkins Online (Site not responding. Last check: 2007-10-14)
		Latham's corporate finance attorneys have been involved in some of the world's largest and most complex public and private high yield placements and bridge financings, representing issuers, underwriters, placement agents and initial purchasers in a wide variety of industries and in Rule 144A, Regulation S and SEC-registered transactions.
		Latham's high yield finance team is represented in all offices in the United States, Europe and Asia.
		The firm's experience includes high yield placements for the financing, refinancing and recapitalization of companies in established and emerging industries; bridge financings; developing complex restructuring plans to revive troubled businesses and protect bondholder investments; and helping to retire less favorable debt.
	www.lw.com /practice/departmentSpecific.asp?practice_id=88&parent_id=2 (334 words)

	Thacher Proffitt & Wood - "Finance Deals: Sanitec's High-Yield Bond Issue" published in The Lawy (Site not responding. Last check: 2007-10-14)
		In an exceptionally busy year for private equity, finance capability became increasingly important for winning instructions as venture capitalists struggled to get more debt into buyout structures.
		With this in mind, it is worth singling out CMS Cameron McKenna`s appointment on a major piece of work with BC Partners.
		Dickson Minto advised on the initial transaction when Sanitec was acquired from Tripod, but the boutique has limited finance capacity so Camerons was brought in to do the high-yield debt.
	www.thacherproffitt.com /Page.aspx?Doc_ID=2225 (272 words)

	SG Corporate & Investment Banking Expands High Yield Business Into Europe
		Capitalising on the high yield franchise SG CIB has successfully developed in the U.S., the development of this activity in Europe illustrates the bank's strategic objective to offer its clients a complete range of financing solutions from a unique and integrated platform.
		SG CIB's European high yield business strategy will focus on a client- driven approach, with the high yield team providing origination and product expertise to key clients, in particular in the areas of Media-Telecom and Leveraged Finance.
		Marc Breillout, Global Head of SG CIB's debt finance division said, "As demand for high yield financing increases in Europe, it has become of strategic importance that SG CIB continues to extend its product offer to include high yield in the region.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-27-2004/0002259208&EDATE= (543 words)

	Global Finance: High-yield high
		Ultimately, a major consolidation in the industry is expected, he says, which will be good for high yield.
		On the issuer's side,"an increasing number of companies is willing to take on leverage in order to acquire or expand in an effort to improve their returns on equity-and allow their credit rating to fall below investment grade," says Rothschild.
		Many bankers believe that the financing structure of companies accessing the high-yield market is more solid today.
	www.findarticles.com /p/articles/mi_qa3715/is_199807/ai_n8794797 (1038 words)

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