A yield curve is a line that plots the interest rates (presented in a graphical form) at a set point in time, of bonds having equal credit quality but differing maturity dates.

The discount rate that equates the present value of a bond’s promised cash flows to its market price.

• Yield to maturity (YTM) is the total return anticipated on a bond if the bond is held until it matures. Yield to maturity is considered a long-term bond yield but it is expressed as an annual rate. In other words, it is the internal rate of return (IRR) of an investment in a bond if the investor holds the bond until maturity, with all payments made as scheduled and reinvested at the same rate. Yield to maturity is also referred to as "book yield" or "redemption yield."