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Hi Upatnite2

In the case mentioned, LY is the "lowest yield", and definitely something to be aware of, as the yield and LY can be vastly different.

Rating Qty Issue Coupon Maturity Yield LY Price Aaa / AAA 100 Federal Ho 4.500 01-23-2006C 3.923 -2.965 101.750

Call schedule: 1/23/03
Yld to Call -2.965

Am I understanding this correctly?Is the negative number because it was bought at a premium and is called on 1/23/03. If it isn't called and goes to maturity, the yield would be 3.923. If so I assume the LY is always the same as maturity if it is not callable?

Thank you everyone for all the good help. I will be busy buying Bond books.
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