Yield-to-maturity is the amount of money one receives if one holds an asset or security until it matures. Suppose one holds a $100 bond that pays out $105 if one holds it until maturity. Then the bond has a 5% yield to call. However, holding until maturity is not the only way to earn a return from a security–often one can sell the bond before it matures to a different seller for a smaller return.