Yield to call (YTC)

For callable bonds (issuers can redeem early), the yield assuming the issuer calls the bond at the earliest possible date. Always lower than YTM if the bond is trading above par (issuers won't call below-par bonds).

For premium-priced callables, sophisticated bondholders price the bond on the yield-to-worst — the lower of YTM and YTC — to avoid surprise calls that crystallize losses.