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What does stated annual yield mean?

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stated annual yield
(SAY)
Noun


The stated annual rate on a bond that does not account for intrayear compounding or consider the periodicity of the stated annual rate, where for an annual-pay bond the periodicity is one, for a semiannual-pay bond it is two, and for a quarterly-pay bond it is four.

Synonym(s): 
  • stated annual rate.
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