Pull to par & returns

CFA Level III
#1

I thought I knew the material inside and out untill I ran into this bluebox, which was quite confusing. Two questions:

  1. Is pull to pull referring to the change in the price on a stable yieldcurve or an unchanged ytm?

  2. I ran into this bluebox which I must have overlooked:.

It shows three returns:

  • Income Return = (coupon + (price at unchanged YTM)) / p0
  • rolldown = ((Price at stable yield curve) - (Price at unchanged YTM)) / P0
  • CM return = ((price at projected return) - (price at stable yield)) / P0

is that rolldown still the same as the rolldown return that we’re use to see, (P_endhorizon - P_beginhorizon)/P_beginhorizon?