Yield to call

Yield to call This method calculates the yield for the next available call date. The yield to call is determined assuming the coupon payment until the call date and the principal repayment at the call date. For instance, the yield to first call is the rate of return calculated assuming cash flow payments until first call date. When interest rates are less than the ones at issue, the yield to call is useful because most probably the bond will be called at next call date ... 

Yield to worst This represents the most conservative yield measure. This is the minimum between the yield to maturity and yield to call for any date. 

There are several yield measures commonly quoted by dealers and traders in the bond market. Among the more prominent are current yield, yield to maturity, yield to call, yield to worst, and cash flow yield. In this section, we will demonstrate how to compute various yield measures for a bond given its price. We will also highlight their limitations as measures of potential return. 

For callable bonds, the market convention is to calculate a yield to call in addition to a yield to maturity. A callable bond may be called at more than one price and these prices are specified in a call price schedule. The yield to call assumes that the issuer will call the bond at some call date and the call price is then specified in the call schedule... 

The procedure for calculating the yield to call is the same as that for the yield to maturity determine the interest rate that will make the present value of the expected cash flows equal to the market price plus accrued interest. The expected cash flows are the coupon payments to a particular call date in the future and the call price. 

To illustrate the various yield to call measures, consider a callable bond with a 5.75% coupon issued by DZ Bank. The Security Description screen from Bloomberg is presented in Exhibit 3.12. The bond matures on 10 April 2012 and is callable on coupon anniversary dates until maturity at a call price of 100. Exhibit 3.13 present the Yields to Call screen. Using a settlement date of 22 July 2003, the various yield to call measures are presented. 

Yield to custom computes a yield to call for a call date and a price specified by the user. Typically, a bond does not have one call price but a call schedule which sets forth the call price based on when the issuer can... 

EXHIBIT 8.18 Bloomberg Yields to Call Screen for a DZ Bank Bond... 

Yield to next call is the yield to call for the next call date after the current settlement date. For the DZ Bank bond, the next call date is 10 April 2004. The yield to next call is 2.154%. Specifically, an annual interest of 2.154% makes the present value of the next coupon payment and the call price of 100 (i.e., the bond s cash flows assuming it will be called on 10 April 2004) equal to the current market price of 102.5198 plus the accrued interest. 

Y = yield to maturity or the discount rate used in present value calculations AI = amount of accured interest Ar = accrued interest per dollar of face value AY = approximation of the actual yield CY = approximation of the yield to call... 

If the bond is selling for more than its maturity value plus one year s interest, there is a very good chance that the bond will be called at the first call date. The yield to call will usually be less than the corresponding yield to maturity. If it is, the financial press will usually report the yield to call as the bond s yield. An approximation for the yield to call may be calculated as follows ... 

Example A 9 perceni coupon bond is purchased for 1,213.55. The time lo maturity for this bond is 20 years, but it is callable in three years at a call price of 1,090. What are the approximate yield to maturity and yield to call ... 

But calculators specifically geared for bonds get a bit trickier. After all, one of the reasons that investors avoid investing in fixed-income securities altogether is the Great Fear of Math— that they would have to figure out return, yield-to-maturity, yield-to-call, and other calculations immediately before further considering investing in the bond. 

What is the yield to maturity And what is the yield to call What is the tax status ... 

In the Maximum Entropy Method (MEM) which proceeds the maximization of the conditional probability P(fl p ) (6) yielding the most probable solution, the probability P(p) introducing the a priory knowledge is issued from so called ergodic situations in many applications for image restoration [1]. That means, that the a priori probabilities of all microscopic configurations p are all the same. It yields to the well known form of the functional 5(/2 ) [9] ... 

The influence of solvent can be incorporated in an implicit fashion to yield so-called langevin modes. Although NMA has been applied to allosteric proteins previously, the predictive power of normal mode analysis is intrinsically limited to the regime of fast structural fluctuations. Slow conformational transitions are dominantly found in the regime of anharmonic protein motion. 

The theoretical yield in an organic reaction is the amount which would be obtained under ideal conditions if the reaction had proceeded to completion, i.e., if the starting materials were entirely converted into the desired product and there was no loss in isolation and purification. The yield (sometimes called the actual yield) is the amount of pure product which is actually isolated in the experiment. The percentage yield is... 

As can be seen, for constant cake thickness doubling the feed concentration doubles the yield. So-called high duty vacuum dmm filters use a unique cake discharge method to allow very thin cakes to be discharged and can therefore be operated at very high speeds up to 25 revolutions per minute. 

Pure aluminum cannot be used as an anode material on account of its easy passivatability. For galvanic anodes, aluminum alloys are employed that contain activating alloying elements that hinder or prevent the formation of surface films. These are usually up to 8% Zn and/or 5% Mg. In addition, metals such as Cd, Ga, In, Hg and T1 are added as so-called lattice expanders, these maintain the longterm activity of the anode. Activation naturally also encourages self-corrosion of the anode. In order to optimize the current yield, so-called lattice contractors are added that include Mn, Si and Ti. 

You can choose any of a number of methods for conducting these checks. One involves developing a systematic checklist or grid that displays the criteria themselves and checks each modification against them. In addition, as with previous exercises, it s often useful to call on your colleagues on the PSM team, or on other advisors, and ask them to play devil s advocate. It s often useful to combine methods such as these, because together they yield both a quantitative assessment ("Does this modification do what we said we wanted it to do ") and a more qualitative judgment ("Will this modification work in actual practice "). 

The simplest compounds, -pyrroline and -piperideine,donotexistin the monomeric form. Schdpf et al. (29S) described two geometric isomers of J -piperideine trimer and called them a- and -tripiperideines (182). An equilibrium exists between A -piperideine and both trimers which, therefore, react as typical aldehyde ammonia. The trimer rearranges at pH 9-10 in an almost quantitative yield to isotripiperideine (183) which, in turn, is in equilibrium with tetrahydroanabasine (184) and -piperideine. 

Ketones react with alcohols to yield products called acetals. Why does the all-cis isomer of 4- cvf-butyl-l13-cyclohexanediol react readily with acetone and an acid cataty st to form an acetal while other stereoisomers do not react In formulating your answer, draw the more stable chair conformations of all four stereoisomers and the product acetal. Use molecular models for help. 

The key Fisher indole synthesis using diethyl 4-chlorobutanal (8) suffered from poor yield to make the primary tryptamine 10, which then calls for reductive amination to complete the synthesis. 

For non-interacting, incompressible polymer systems the dynamic structure factors of Eq. (3) may be significantly simplified. The sums, which in Eq. (3) have to be carried out over all atoms or in the small Q limit over all monomers and solvent molecules in the sample, may be restricted to only one average chain yielding so-called form factors. With the exception of semi-dilute solutions in the following, we will always use this restriction. Thus, S(Q, t) and Sinc(Q, t) will be understood as dynamic structure factors of single chains. Under these circumstances the normalized, so-called macroscopic coherent cross section (scattering per unit volume) follows as... 

The comparison of coronal and photospheric abundances in cool stars is a very important tool in the interpretation of the physics of the corona. Active stars show a very different pattern to that followed by low activity stars such as the Sun, being the First Ionization Potential (FIP) the main variable used to classify the elements. The overall solar corona shows the so-called FIP effect the elements with low FIP (<10 eV, like Ca, N, Mg, Fe or Si), are enhanced by a factor of 4, while elements with higher FIP (S, C, O, N, Ar, Ne) remain at photospheric levels. The physics that yields to this pattern is still a subject of debate. In the case of the active stars (see [2] for a review), the initial results seemed to point towards an opposite trend, the so called Inverse FIP effect , or the MAD effect (for Metal Abundance Depletion). In this case, the elements with low FIP have a substantial depletion when compared to the solar photosphere, while elements with high FIP have same levels (the ratio of Ne and Fe lines of similar temperature of formation in an X-ray spectrum shows very clearly this effect). However, most of the results reported to date lack from their respective photospheric counterparts, raising doubts on how real is the MAD effect. 

While for thermal reactions one usually does not correlate the energy input with the amount of product formed, electrochemists and photochemists are certainly more energy-minded . The first ones use the current yield to define the amount of product formed per electrons consumed. The latter ones use the so called quantum yield which is defined as the ratio of number of molecules undergoing a particular process from an excited state over moles of photons absorbed by the system, or in other words, the ratio of the rate constant for the process defined over the sum of all rate constants for all possible processes from this excited state (1.4). Thus, if for every photon absorbed, a molecule undergoes only one chemical process, the quantum yield for this process is unity if other processes compete it will be less than unity. 

---