Yield Measures
Ways of expressing a bond's return: nominal yield (the fixed coupon), current yield (annual interest ÷ market price), yield to maturity (total return if held to maturity), and yield to call.
Current yield ignores the gain or loss at maturity; YTM captures it, which is why YTM exceeds current yield for discount bonds and trails it for premium bonds. Issuers call bonds when rates fall, so yield to call matters most for premium callables — it is usually the lowest yield quoted.