Yield Basis

A method of quoting the price of a fixed-income security as a yield percentage, rather than in dollars. This allows bonds with varying characteristics to be easily compared.

Investopedia Says:
Unlike stocks, which are quoted in dollars, most bond quotes include a yield %. For example, Corp. ZZZ is listed with a 6.75% coupon, a Sept 04/20 maturity, has a dollar value of 94.00 and a yield of 9%.

This bond quote tells a a bond trader that the bond is currently trading at a discount because its yield basis (9%) is greater than its coupon rate (6.75%). A bond trader could then compare the bond to others within a certain industry.

Related Links:
Investing in bonds - What are they, and do they belong in your portfolio? Bond Basics Tutorial
Learn the complex concepts and calculations for trading bonds including bond pricing, yield, term structure of interest rates and duration. Advanced Bond Concepts

Method of quoting the yield on securities that states income earned as a percent, rather than as a dollar amount. Municipal Bonds issued in different Series (as part of a Serial Bond) and maturing on different dates, and thus having different prices, are sometimes quoted this way for purposes of comparison, as are railroad equipment trust certificates, and Government National Mortgage Association securities. See also Dollar Bond.