Definition for : Gross yield to maturity

The gross Yield to Maturity, before taxation and intermediaries' fees, represents: for Investors, the Rate of return they would receive by holding the bonds until Maturity, assuming that Interest payments are reinvested at the same Yield to Maturity; for the issuer, the pre-tax discounted cost of the loan (see Cost of debt).
(See Chapter 21 Other debt products of the Vernimmen)
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