Effective Yield
The yield of a bond, assuming that you reinvest the coupon (interest payments) once you have received payment.
Investopedia Commentary
Reinvesting the coupon will produce a higher yield because interest is earned on the interest payments.
Related Links
Bond Basics Tutorial
Advanced Bond Concepts
Advantages Of Bonds
See also: Bond, Compounding, Coupon, Current Yield, Interest Rate, Yield