Which yield would be MOST relevant for a bond issuer with the ability to redeem the entire issue prior to the final maturity date?

For a bond issuer with the ability to redeem the entire issue prior to the final maturity date, the yield that is most relevant is the yield-to-call. This yield specifically measures the return on a callable bond if it is redeemed by the issuer at the call date rather than held to maturity. Callable bonds generally give issuers the advantage of refinancing or retiring debt when interest rates decline or when they want to manage their debt portfolio more efficiently.

Yield-to-maturity is focused on the total return of a bond if held until maturity, which ignores the possibility of early redemption. Current yield is a snapshot of the bond's income relative to its current price but does not consider the bond's maturity or call features. Nominal yield simply reflects the coupon rate of the bond without adjusting for market price fluctuations or potential early redemption. In contrast, yield-to-call accounts for the possibility that the bond may be called before maturity, which aligns directly with the issuer's ability to redeem the bonds early.