- Yield to Maturity is the IRR from buying the bond at its current market price and holding it to maturity
- You have to hold the bond until maturity
- Issuer pays all coupon and principal payments in full on the scheduled dates
- You reinvest the coupons at the same rate
- Bond coupon rate is the rate on the original par value
- Par value is the value it was issued at
- Price (trading at) is the current price
- Maturity is how long it's held for