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The lowest of the different measurements of yield on a bond...more on Yield to worst
The bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date.
The bond yield computed by using the lower of either the yield to maturity or the yield to call on every possible call date. 
The yield-to-worst is the lowest yield a bond could generate e.g. yield-to-call or yield-to-maturity. This is the most appropriate yield to use when comparing bonds.
Applies mainly to convertible securities. Effective yield of usable convertible bonds determined by