Bond Equivalent Yield

An adjustment to a CMO yield which reflects its greater present value, created because CMOs pay monthly or quarterly interest, as opposed to semiannual interest payments on most other types of bonds.

REMARKS:
CMO - Collateralized Mortgage Obligations - also known as Real Estate Mortgage Investment Conduits (REMICs) - are one of the most innovative investment vehicles available today, offering regular payments, relative safety, and notable yield advantages over other fixed-income securities of comparable credit quality.