Semiannual bond basis

What shall I understand when they say that a yield is stated on a semiannual bond basis is 7% ? Does that mean BEY=7% ?

This confuses me as well. When they state that a yield is on a semiannual bond basis this means that the annualized rate is 7%, in your example. This means that the semiannual rate needed for calculating the price of the bond is 3.5% per semiannual period.

Yes, it’s 7% BEY.