Yield To Put (YTP).
The annual yield on a bond, assuming the security will be put (sold back to the issuer) on the first permissible date after purchase. Bonds are quoted in this manner only if they sell at a price below the put price. Therefore, the yield includes interest and price appreciation.
Yield to Call (YTC).
The percentage rate of a bond or note if the investor buys and holds the security until the call date. This yield is valid only if the security is called prior to maturity. Generally bonds are callable over several years and normally are called at a slight premium. The calculation of yield to call is based on coupon rate, length of time to call, and market price.