Shashikant Arneja

If a bond with a call feature is redeemed at the earliest date without defaulting, then the expected return would be the yield to worst (YTW).

The yield to worst represents the lowest potential yield that a bondholder could receive on a callable bond – assuming the issuer does not default.

Certain types of bond issuances are “callable,” meaning that the issuer has the option to redeem them before the stated maturity date, i.e. pay the debt off earlier.

Within the debentures of such bonds, the earliest date the callable feature is permitted will be clearly stated, along with details regarding any side fees incurred.

As worst-case scenario contingency planning, bondholders often estimate the yield to worst (YTW) – but to clarify, “worst-case” in these cases refers to the bond being redeemed by the issuer at the earliest possible date, rather than the yield on a bond that has defaulted.

From determining the yield to worst (YTW), bondholders can mitigate their downside risk better to reduce the odds of being blindsided by an issuer calling a bond before it matures.

The yield to worst (YTW) on a callable bond is the lower return between the yield to maturity (YTM) and the yield to call (YTC).

In the first step, the yield to maturity (YTM) and yield to call (YTC) can be calculated using the built-in “YIELD” Excel function.

The inputs within the formula are as follows:

In the subsequent step, the “MIN” function picks the lower value between the YTM and YTC, i.e. the yield to worst (YTW) of the bond.

The general rule of thumb is that interest rates and yield have an inverse relationship.

However, there are more moving pieces to consider for callable bonds, so the prior statement is not necessarily true or false without further context.

More specifically, the issuer could view the low-interest rate environment as an opportunity to refinance its existing debt at more favorable rates.

Most bonds are structured with prepayment fees as compensation for the following:

In real life, the yield to worst (YTW) is applicable only for callable bonds and those trading at a premium.

If we assume there are two identical bonds – with the only difference being that one is “callable” whereas the other is “non-callable” – then the callable bond is more likely to be negatively impacted.

Why? The chance of bonds being called tends to increase if interest rates fall and drop lower compared to when the original issuance occurred.

If interest rates decline, the issuer can be incentivized to redeem the bonds, making the callable feature unfavorable for the bondholder.

Calculating the yield to worst (YTW) is most relevant for premium bonds (i.e. “trading above par”), given how they are directly tied to collapsing interest rates.

We’ll now move to a modeling exercise, which you can access by filling out the form below.

In our illustrative exercise, we’ll calculate the yield on the bond under three different pricing scenarios.

Suppose the bond issuance has a maturity of ten years and was finalized on 12/31/2021 with the first call date 12 months after the settlement date.

At a par value of $1,000 (i.e. “100”), the three prices for each scenario are as follows:

As for the coupon, we’ll assume that the bond pays an annual coupon at an interest rate of 6%.

Now, we’ll enter our assumptions into the Excel formula from earlier to calculate the yield to maturity (YTM):

In contrast, the YTC switches the “maturity” to the first call date and “redemption” to the call price, which we’ll assume is set at 104.

The call price of 104 is the quoted price the bond issuer must pay to redeem the debt issuance entirely (or partially) before the maturity date.

Side Note: From the italics, we can identify which parts of the formula were adjusted in the YTC calculation.

If the bond trades at a discount or par, the yield to maturity (YTM) is lower than the yield to call (YTC) – which is why the yield to worst (YTW) is the yield to maturity (YTM).

However, if the bond trades at a premium, the contrary is true, where the YTC is the lower between the two yield metrics and can be considered the YTW.

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Oru Adaar Love (transl. "A Fantastic Love") is a 2019 Malayalam-language romantic comedy film.[3] The screenplay was written by Sarang Jayaprakash and Lijo Panadan from a story by Omar Lulu, and produced by Ousepachan Vaalakuzhy under his production company Ousepachan Movie House.[4] The film features Priya Prakash Varrier and Noorin Shereef with Roshan Abdul Rahoof in the prominent roles.

The story deals with high school romance. The movie gained worldwide attention due to a clip which went viral, from the song "Manikya Malaraya Poovi".[5] It prompted the makers to make changes in script, which delayed production.[6] The film was released on 14 February 2019. It was dubbed and released in Tamil with the same title, in Kannada as Kirik Love Story[7] and in Telugu as Lover's Day.[8]

The story revolves around the journey of Higher secondary school kids from the time they first meet in class 11 until their passing out in class 12. Roshan woos Priya with the help of Gadha and his other friends. One evening Roshan and his friends get drunk and a friend of Roshan accidentally sends blue film videos from Roshan's phone to the school's WhatsApp group. This causes a rift between Roshan and Priya.

Roshan and Gadha then pretend to be in love to make Priya jealous but they end up having feelings for each other. Priya approaches Roshan and says that she has forgiven him and they can start to be in a relationship again. But Roshan is unable to forget Gadha, which comes to be known by Priya. Heartbroken, she tells Roshan that Gadha can be a perfect partner for him, not Priya and they end their relationship.

On graduation day, Roshan decides to propose Gadha on top of the mountain. Just as Roshan is about to propose to Gadha, they are attacked by a bunch of goons who were antagonized by Roshan and Gadha earlier as part of an eve teasing incident. Gadha is about to be raped and Roshan gets thrashed brutally. The film ends there while Roshan and Gadha have flashbacks of their lives with each other.

Just as Roshan is about to propose to Gadha, they are attacked by a bunch of goons who were antagonized by Roshan and Gadha earlier as part of an eve teasing incident. Gadha is about to be raped and Roshan gets thrashed brutally, but fortunately they are saved by their college friends, although Roshan is brutally wounded and Gadha is abused physically still they beat the goons to death. In the ending Roshan and Gadha are seen on a bike and they ride with their friends happily meanwhile Gadha takes mental treatments to overcome the trauma.The couple lives happilly everafter .

Filming started on 15 January 2018.[10] Malayalam film producer Ousepachan Vaalakuzhy, impressed with Omar Lulu's Happy Wedding and Chunkzz decided to finance his third project, Oru Adaar Love. The primary cast was selected through audition. Ousepachan Vaalakuzhy said he likes to promote newcomers, as has he done with his previous films.[11] After Priya Prakash Varrier's wink in the song "Manikya Malaraya Poovi" became a viral hit, the makers altered the script to give prominence to her, thus sidelining the role played by Noorin Shereef, who had initially been cast in the lead role.[12]

The film music and score were composed by Shaan Rahman.[13] The song "Manikya Malaraya Poovi" sung by Vineeth Sreenivasan, a revised modern version of a Mappila song, was uploaded on 9 February 2018 on YouTube as part of the promotions. It became a viral video at number 1 position garnering over one million views and 50,000 likes in 20 hours.[4] The original version of "Manikya Malaraya Poovi" was written by P. M. A. Jabbar with music composition by Thalassery K. Refeeque in 1978.[14]

Oru Adaar Love was released on 14 February 2019.[15] It was dubbed in Tamil with the same title, in Kannada as Kirik Love Story and in Telugu as Lover's Day.[16]

As of 9 March 2019, the film has grossed more than ₹12 crore in India. It was made on a budget of ₹5 crore.[2]

S.R. Praveen of The Hindu stated "Oru Adaar Love on a Valentine’s day seems to be the handiwork of the culture police, for love hardly ever got such a shabby treatment on screen. If only a wink could save this experiment in mediocrity", referring to a scene from a song in the movie where the lead female actor winks, that went viral on the internet before the movie's release.[17] The Times of India gave 2.5 out of 5 stars, stating: "Oru Adaar Love seems like a quickly put together movie trying to cash in on the rather unexpected publicity that came its way. There are unpredictable twists in the tale, however, that may keep viewers hooked till the end."[18] India Today gave 2 out of 5 stars, stating: "Oru Adaar Love's lacklustre story and underdeveloped character arcs struggle hard to entertain the audience throughout the film."[19]

The News Minute gave 1 out of 5 stars, stating: "The film appears to say that the wrongs that men do aren’t really all that wrong. The misogyny doesn’t even try to hide behind any ‘larger’ story like in some movies."[20] Times Now gave 2 out of 5 stars, stating: "The film does no justice to the title but you can watch it to reminisce about your high school days and your first crushes. But when it comes to high school romances, I would still prefer watching Trisha Krishnan-Vijay Sethupathi’s 96."[21] The Week gave 1 out of 5 stars, stating: "One of the oft used cliches when reviewing a movie is 'old wine in new bottle'. In Omar Lulu's case, he has just a bottle and filled with some water that has the colour of wine."[22]

News18 gave 2 out of 5 stars, stating: "Everything has been planned conveniently to suit a violent ending. What could have turned into an engaging tale of teenage realisation ends up nowhere. It’s a lost opportunity."[23] The Indian Express gave 2 out of 5 stars, stating: "Oru Adaar Love has no plot as such except for a predictable romantic triangle that plays out between Priya Prakash Varrier, Roshan Abdul Rahoof and Noorin Shereef. The point the film tries to make hasn’t been fleshed out fully to last a two-hour long narration. The entire movie feels like one big set up to achieve a moment that’s fashioned to make the audience sob."[24] Sify gave 2 out of 5 stars, stating: "Oru Adaar Love provides some unexpected surprises but you would require real patience to sit through until then. It’s a no brainer, often offensive school kid romance that uses every technique to entertain. If that is your idea of fun, you may find this one fine."[25]

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