Yield To Call

The yield of a bond or note if you were to buy and hold the security until the call date. This yield is valid only if the security is called prior to maturity. The calculation of yield to call is based on the coupon rate, the length of time to the call date and the market price.

Investopedia Says:
Generally speaking, bonds are callable over several years and are normally called at a slight premium.

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Annualized percentage return on a bond or note redeemed by the issuer at the earliest possible Call date. When a security can be called by the issuer at the first call date allowed by the bond Indenture the annualized yield to that date is often substituted for the Yield to Maturity in yield quotations. Although some longer-term U.S. Treasury bonds are callable five years prior to final maturity, as indicated by the hyphenated quote in bond tables, in practice few, if any, Treasury securities have been called prior to maturity. The term yield to first call is used when a bond issue is trading at a premium over the call price and the investor would lose capital. The yield to first call, taking this loss into account, usually is lower than the yield to final call.

Yield to par is used to describe the yield on securities that are issued at a discount or premium in relation their nominal value, or Par Value and are callable at par. Also known as yield to first call. See also Advance Refunding.