PJT RSSG Technical Question - HPY vs YTM
Came across this in a database but was wondering if someone could further expand on the differences between YTM and HPY (related bond math for RX interviews). Is HPY just a full return calculation of the holding period - (Coupon Rate + (Ending Value - Initial Value)) / Initial Value - while the YTM is an annualized return (current yield + capital appreciation)?
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