What is the 'guaranteed yield to maturity' of a convertible bond (CB)?

The guaranteed yield to maturity is the yield the issuer has agreed to pay if you hold the bond to maturity without exercising the conversion right.

Because convertible bonds carry the benefit of a right to convert into shares, their guaranteed yield to maturity tends to be lower than that of ordinary corporate bonds, allowing the issuer to raise funds at correspondingly lower cost. Despite the word 'guaranteed', as with ordinary bonds, you cannot receive it if the issuer fails to repay.