When a bond trades at a discount to par, the yield to maturity on the bond will exceed the required return.
In bond valuation, "Yield to Maturity" and "Required Rate of Return" are synonymous, all other things equal.

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Yield to maturity is the rate of return that an investor will receive if the bond is held to maturity, taking into account its current price, coupon payments, and the principal value. Required rate of return, on the other hand, is the rate of return that an investor requires to invest in a bond, taking into account factors such as risk, opportunity cost, and market conditions. While they are related, they are not synonymous. When a bond trades at a discount to par, the yield to maturity will be higher than the coupon rate, but it may or may not exceed the required rate of return, depending on market conditions and investor preferences.

When a Bond Trades at a Discount to Par, the Yield