Ask yield reflects the lowest of the yield to maturity, yield to call, or the yield to pre-refunded date. If a bond is quoted to call date or pre-refunded date, and interest rates have declined, the bond's issuer is likely to call the bond on the next call date or pre-refunded date, if it is favorable to the issuer's interests. If a bond is called or pre-refunded the bond holder's interest payments cease and the principal is returned as of call date or pre-refunded date. If the bond holder seeks to reinvest this principal in a similar bond issue, they will likely have to accept a lower yield (and lower interest payments) consistent with prevailing interest rates. Not all bonds are callable.
The prices and yields shown on Fidelity's Fixed Income Secondary Offering tables are posted prior to the assessment of the Fidelity Brokerage Services LLC (FBS) mark up or mark down. The FBS mark-up or mark-down will be applied for customer review prior to placement of the order.