The return on a callable bond which is likely to be redeemed at a call price before it reaches maturity. Generally, the call price is slightly higher than the face value of the bond. Calculating yield-to-call is almost identical to calculating yield-to-maturity, where the call price is used instead of the face value, and the bond maturity is replaced with the call date.

The call price is often set high enough to send the yield-to-call to a higher level than the yield to maturity, particularly for short-term bonds.