Yield

in spread •  last year 

For market securities,
some yield quotes are based on 360day year while others are based on a 365days year.
some yield quotes are add-on-yields and others are discount yields

add-on-yield = HPY x 365/days to maturity. -- 수익률 느낌
discount yield = discount on the security x 360 days to maturity -- 할인율 느낌

add on yield on 365 day year is a bond-equivalnet yield


Yield spread: difference between the yuelds of two different bonds

Benchmark spread: a yield spread relative to a benchmark bon (국채 on the run)

G-spread: BM bond가 국채일 때

I-spread: yield spread relative to swap rate

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