Current Yield
Annual coupon income divided by the bond's clean price.
Current yield is a quick income snapshot: it divides the bond's annual coupon payment by its clean price (the market quote). Think of it as the 'income return' you'd earn if the bond's price stayed flat forever. Unlike YTM, current yield ignores capital gains or losses as the bond moves toward maturity, and it doesn't account for reinvestment of coupons. It's most useful for comparing income generation across bonds quickly, much like dividend yield for stocks.
Running Yield
Annual coupon income divided by the bond's dirty price (clean price plus accrued interest).
Yield to Maturity (YTM)
The annualized return if you hold the bond to maturity, assuming all coupons are reinvested at the same rate.
Dirty Price
The total settlement price paid for a bond, including accrued interest.
Clean Price
The quoted bond price excluding accrued interest.
Accrued Interest
Interest that has accumulated since the last coupon payment, paid by the buyer to the seller.
Market Value
The current dollar value of a bond position, calculated as price times notional.