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YELLOW SHEETS

Listing daily of bid and ask prices for over the counter bonds. Produced by National Quotation Bureau.

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YIELD DIFFERENTIAL

Yield differences of securities used you compare bonds of different credit rates and maturity dates.

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YIELD ON COST (YOC)

Amount yielded by a dividend above the total investment cost.

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YIELD TO MATURITY

The yield of a coupon bearing security. It is the percent return of a bond when it finally matures. AKA promised yield. Refer to yield to call.

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YACHT INSURANCE

Insurance that covers pleasure boats against collision, hull damage, and liability indemnity.

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YANKEE

A note issued in US dollars by a foreign company in the market.

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YIELD ADVANTAGE

The spread gained by having convertible bonds instead of stock. Refer to simple breakeven.

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YIELD BURNING

When underwriters charge too much for treasury bonds that are held in escrow. This is done before retiring the existing bonds and is illegal. This causes the yield to burn down.

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YIELD CURVE

Plotting interest rates against maturities creating a term structure. In normal conditions it is a upward curve. This causes shortterm funds to cost less to invest in. The shape is influenced by money, liquidity, and derivatives. Refer to expectations the

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YIELD CURVE OPTION

A spread that allows payoff based on the differential between on point on the yield curve and the strike price. The buyer gains efficiency and cost advantages.

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YIELD ENHANCEMENT

A strategy used to increase core returns. This is intended to be a low risk move. Refer to arbitrage speculation and hedging.

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YIELD TO CALL

The yield of a callable bond. This is the percent return at the first call date. Refer to yield to maturity.

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YOKELET

A little farm, requiring but a yoke of oxen to till It.

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YORK, CUSTOM OF

A custom of the province of York in England, by which theeffects of an intestate, after payment of his debts, are in general divided according tothe ancient universal doctrine of the pars ra- tionabilis; that is, one-third each to thewidow, children, and administrator. 2 Bl. Comm. 518.

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YORK, STATUTE OF

An Important English statute passed at the city of York, in thetwelfth year of Edward II., containing provisions on the subject of attorneys, witnesses,the taking of inquests by nisi prius, etc. 2 Beeve, Eng. Law, 200-302.

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YORKSHIRE REGISTRIES

The registries of titles to land provided by acts ofparliament for the ridings of the county of York In England. These resemble the officesfor the registration or recording of deeds commonly established in the several countiesof the states.

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Y Q YA ET NAY

In old records. Mere assertion and denial, without oath.

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YOUNGER CHILDREN

This phrase, when used in English conveyancing with referenceto settlements of land, signifies all such children as are not entitled to the rightsof an eldest son. It therefore includes daughters, even those who are older than theeldest son. Mozley & Whitley.

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YACHT

A light sea-going vessel, used only for pleasure-trips, racing, etc. Webster. TSee 22 St.. at Large, 566 (U. S. Comp. St I 1001, p. 2845); Rev. St U. S.

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YOUTH

This word may include children and youth of both sexes. Nelson v. Cushlng,2 Cush. (Mass.) 519, 528.

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