Yield and Yield to Maturity (YTM)

CFA Level I Fixed Income
#1

Does the term “yield” have completely same meaning as “Yield to Maturity (YTM)” ?

#2

No

Yield means interest rate. In CFAI curriculum, Yield and Interest rate terms are used interchangeably. (Read Introduction of reading 56)

#3

Hi, Raza Syed :

Thank you for your response ! Another question :

What is meant by the “yield” on the Price-Yield Curve ? Interest rate or YTM ?

Thanks a lot !

#4

You should assume Interest rates.

Do you know that YTM of floating rate securities can’t be calculated ? because of uncertain cashflows. If i have to draw a Price - Yield graph of floating rate security then what would be the meaning of yield, YTM or interest rate ??

#5

Hi, Raza Syed :

Again, thank you for your response !

Do you mean that the “yield” on the Price-Yield curve shall be the spot interest rates (spot rates) ? My understanding is that actually spot rates are different from yields and this is why I am confused !