单选题 To estimate the actual return of a bond when a callable bond's market price is higher than par use:

A、

A. YTC.
B、

B. YTM.
C、

C. HPY.

【正确答案】 A

【答案解析】To estimate the return at the point of a call the yield to call (YTC. measure is used. This is different from the YTM because the YTC uses the call price as the future value and uses the time to first call instead of the time to maturity.