medium · Debt Capital Markets pricing-yields-curve

A B2-rated corporate bond with a maturity of 10 years is currently trading at a price of 106.50. The bond is callable in 3 years at 103.00 and in 5 years at 101.00.

If the calculated yield to maturity (YTM) is 4.80%, the yield to call at year 3 is 3.50%, and the yield to call at year 5 is 3.75%, what is the yield to worst (YTW)?

  1. 4.80%
  2. 4.02%
  3. 3.50%
  4. 3.75%

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