after-tax yield

基本解释

Since 2003, the after-tax cost of raising debt has been much lower than the cost of issuing shares, even in the more expensive high-yield market.
自2003年以来，举债的税后成本已经比发行股票，甚至是在更昂贵的高收益市场上发行股票的成本要低很多。

The interest on municipal bonds is exempt from income tax on the federal and sometimes state levels, giving them a higher after-tax yield than a corporate or Treasury with the same coupon and maturity.
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This eases the cash flow of a strapped business, and the time value of money makes such investment yield a higher (after-tax) rate of return.
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This way you can graph the muni and after-tax treasury yields on the same page to see if the munis yield more than the treasuries.
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