Bond Equivalent Yield equivalent, difference, article, between

kseniaru

Forummates - Good Morning.
I came across an article where I found an example related to Bond Equivalent Yield. My problem is I am not getting the concept stright - about the difference between BEY, YTM and when to use which one.
It appeared that even though the Bond has a coupon rate of 7% that matures in 8 years, the yield to maturity for that bond (on bond equivalent basis is 8%). What is BE basis here?