Bond Equivalent Yield - BEY

A calculation for restating semi-annual, quarterly, or monthly discount-bond or note yields into an annual yield. For a fixed income security with a par value of $1000, the calculation is as follows:

Investopedia Says:
The BEY allows fixed-income securities whose payments are not annual to be compared with securities with annual yields. The BEY is the yield that is quoted in newspapers.

Alternatively, if the semi-annual or quarterly yield to maturity of a bond is known, the APR calculation may be used.

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Investment yield of a bond purchased at discount from face value, such as a U.S. Treasury bill or municipal bond, expressed as a percent. These securities do not pay monthly, quarterly, or semi-annual interest, as interest-bearing securities do. For Treasury bills with maturities of three or six months, the formula for converting discount yield basis to the bond equivalent is as follows:

Yield equals face value minus the purchase price, divided by the purchase price; multiplied by the number of days in the year following the issue date/the number of days to maturity.

Also called coupon equivalent yield or equivalent bond yield.