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BondCalc: Yield Input Types

As all securities are converted to dated cash flows, any of these input choices for yield can be used on any security. There are 33 choices below.

   +A Yield After Tax Effects. It is then grossed back up to the
      pretax equivalent yield. If Purchase Date and Price entered
      they will be used to calculate and include a time 0 gain or
   +~ Same as +A, but will ignore the Purchase Date and Price.
   +W Yield to the Worst. Can also omit the spread and instead
      input it on the ShftF11 Spread Input popup which allows it to
      vary over time. Answer is found by "matrix" pricing each call
      date. Input will be either pretax or after tax based on tax
      control on ShftF3 and not by +A option. Double-ups will be
      included in selection.
   +O (the letter O) OAS Spread. Enter volatility on Ctrl-O OAS
      Control Screen.
   +F Option-Free Yield. Enter volatility on Ctrl-O OAS Control
   +G Average Life (non-DCF). Note that this feature will ONLY work
      correctly when there is a single coupon rate entered on the
      front screen. Yield and spread are columns 46 and 301.
   +T Static Spread. Can also omit the spread and instead input it
      on the ShftF11 Spread Input popup which allows it to vary over
      time horizon. Can also combine with +W (to Worst). Static
      Spread column is number 57.
   +E Effective Yield. This is the Modified IRR or Horizon Yield,
      and first uses any reinvestment rate on the second input page,
      or defaults to the global rate set on ShftF5. Yield and
      spread are columns 22 and 303.
   +H Horizon Return using the horizon input on the second input
      page. A +D may also be included. Result is in a footnote.
   +P Yield from Purchase. Purchase Date and Price is required
      input and result will appear as a footnote. Optionally see
      input at bottom of second page for using a known reinvestment
   +L Leveraged or After Financing Yield. Yield and spread are
      columns 30 and 73.
   +B Brady Stripped Yield (or Pure Country Yield).
   +X Return in Base Currency. Yield and spread are columns 36 and
   +J Japanese Simple Yield. Also column 41.
   +V Return with Reserve Bond. Also column 42.
   +I Effective Yield/Horizon Return using Implied Forward Yield
      curve. Also column 26.
   +M Make-Whole Yield Convention. This is the conventional method
      found in indentures when an issue has been called. It is not
      a true present value. Is sensitive to issue being ESOP.
   +K To First Call (or MBS clean-up call).

   +! Money Market Discount Rate.
   +@ Interest Bearing Rate.
   +# CD Equivalent Rate.
   +$ Bond Equivalent Rate.
   +% In Display Frequency Compounding.

   +\ Current Yield. Coupon divided by price.
   +^ Spread for Life (on Floaters).
   +& Effective Margin.
   +* Adjusted Total Margin.
   +( Yield-to-Maturity Spread.
   +) Discount Margin.
   +Q ESOP Yield after grossing up coupon with ESOP Tax Factor.
   +> Yield divided by ESOP Tax Factor.
   +R When a Mortgage can enter this plus a CPR rate after the R,
      separated by another +.
   +Y When a serial or sinking fund issue can price each piece off
      of the yield curve, as entered on the F9 popup.