All-in Yield
The total yield to maturity, incorporating both the risk-free rate and credit spread.
In bond markets, 'all-in' refers to the total or comprehensive level. An all-in yield is the bond's complete yield to maturity — the risk-free benchmark rate plus the credit spread. For example, if 10Y Treasuries yield 4.0% and a corporate bond trades at +200bp, the all-in yield is 6.0%. This contrasts with quoting spreads alone (which isolate credit risk) or Treasury yields (which isolate rate risk). The all-in yield captures both components in a single number, making it the actual discount rate used to price the bond's cash flows. In pricing models, the all-in yield can be input directly or constructed by adding a benchmark yield and a spread.
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