The return that a bondholder will receive if the bond is redeemed at the first possible call date. In a yield-to-call situation, an investor may earn several year’s interest payments instead of the anticipated 5- or 10-year’s interest. The lower interest earned is divided by the par value of the bond, which typically causes the yield to be much lower than if the bond was held to maturity. The yield-to-call calculation represents the worst-case scenario for a bond holder. Also called yield-to-worst.