可赎回收益率是指允许发行人在债券到期以前按某一约定的价格赎回已发行的债券．赎回收益率的计算和其他收益率相同，是计算使预期现金流量的现值等于债券价格的利率．
如果再投资率低于赎回收益率，则会出现相反情况。
If the reinvestment rate is lower than the redemption yield, the opposite is true.
假如再投资率高于赎回收益率，假定持有至偿还期，则有息债券的实践报答远远高于赎回收益率。
If the reinvestment rate is higher than the redemption yield then the actual return on the bond, assuming it is held to maturity, will be higher than the redemption yield.
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