The Law Dictionary

Featuring Black’s Law Dictionary Free Online Legal Dictionary 2nd Ed.

Category: Y

YIELD TO CALL (YTC)

Yield on a bond calculated on the assumption the issuer will redeem on its first call date stated in the prospectus.

YARD LUMBER

Run of mill lumber in various finishes, widths and lengths.

YACHT INSURANCE

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

YANKEE

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

YIELD ADVANTAGE

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

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.

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

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.

YIELD ENHANCEMENT

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

YIELD TO CALL

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

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.

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

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.

YOUTH

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

YARD

A measure of length, containing three feet, or thirty-six inches.UA piece of land inclosed for the use and accommodation of the inhabitants of a house.

YULE

The times of Christmas and Lammas.

YARDLAND

or virgata torrce, is a quantity of land, said by some to be twenty acres,y but by Coke to be of uncertain extent