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Bond Equivalent Yield (BEY)
Because a large number of coupon-paying bonds make their coupon payments semiannually (e.g., US Treasury Notes and Bonds, and many corporate bonds), and each coupon payment is ยฝ of the annual coupon (i.e., each coupon is calculated as 0.5 ร annual coupon rate ร par), the default yield convention for bonds is that the annual […]