I have been reading the books and learned about the Current Yield and Yield to Maturity. But, when I get chance to look at a screen of Bloomberg terminal, I was confused by the yields quoted there.Here is a list of yields that I don't understand:Street Convention, Treasury Convention, True Yield, Japanese Yield (simple), Equivalent 1/Year Compound(equivalent to what?), Proceeds/Market Equivalent.Also, the CNV Duration.Any information or a pointer to the information will be highly appreciated.

Street Method - the industry standard bond price/yield calculation method. Dirty price is calculated as the present value of future coupons and principal repayment per $100 par, with each cash flow discounted using compound interest. Accrued interest is subtracted from the dirty price to obtain clean price, which is what you see quoted in the marketplace.Treasury Method - the calculation method used by the US Treasury to price new issues. Dirty price is calculated as the present value of future coupons and principal repayment per $100 par, with each cash flow, except the first, discounted using compound interest. The first coupon is discounted to present value using money market or non-compound interest. Accrued interest is subtracted from the dirty price to obtain clean price.True Yield - conventional bond price/yield math makes a number of simplifying assumptions in the interests of parsimony. Coupon payment dates are never adjusted should they fall on a weekend or holiday. In the True Yield method, when a payment date falls on a weekend or a holiday, it is rolled to the next good business date.

In addition to DavidJN's helpful answer, I would add that you shouldn't worry about it. No one knows every yield convention in every market.There are some basic things you should understand. Yields can be non-compounded (simple yield), continuously compounded (log yield) or compounded to a stated interval (for example, semi-annual yield). Yields can be computed on different types of instruments: zero coupon, full coupon (or par), or some specific instrument. Yields can be stated as yields or discount factors, and can be annualized or stated per some other time interval.That's about it for textbook problems. When you get a real instrument or a real yield quote, you need to know much more than the theoretical considerations above. You need to know day count and settlement conventions, accrued interest and other adjustments, and all kinds of market-specific details. If you work in a market, you will quickly learn the conventions. If you need data from outside your usual area of interest, or if you are just learning, you will have to look up the specifics. Bloomberg has excellent help functions for this purpose.

Thanks, guys. The information is very helpful. I really appreciate your input.

Duly noting that Aaron and David already ended the topic with market savvy answers, I can't help adding a short anecdote on convensions in the bond market. Take for example Bloomberg and the yields, dirty prices etc that it generates for bonds all over the world. Are all conventions correct you think? Leading question, of course, not. However getting to the point, does the market care? No(!) Bloomberg is nowadays considered to be market practise, so if you do find an error in convention (and there are, for example, in the Scandi and Japanese bond markets) you can be sure that you will have to adapt whatever system you're working on to reflect the way Bloomberg does it...But again perhaps everyone knows this already?/Rutger