Page 109, Schweser Book 5 says: The yield to call is used to calculate the yield on callable bonds that are selling at a premium to par. For bonds trading at a premium to par, the yield to call may be less than the yield to maturity. This can be the case when the call price is below the current price. I understand that sentences 1 and 2 are saying that yield on callable bonds are selling at a premium to par, and that the yield to call is this less than the yield to maturity because of the premium. I really don’t understand the 3rd sentence, and what the relationship there is. Can someone explain? Thanks.