The return which is realized during the period a bond is held (therefore, it is a holding period return). If the bond is held to maturity, the realized yield will equal the yield-to-maturity, and if it is held until the first call date, this yield will be identical to the yield-to-call.
In general, the realized yield is a generic measure of a bond yield as the length of time for which it will be held could be any period during its life. An investor who contemplates selling a bond before redemption date can calculate the realized yield by estimating the price at which the bond will be sold and the length of time it will be held.
