Penny-wenny

No, yield factors in the price discount/premium of a bond and the expected interest rate payments over the remaining life of the bond.

For example, a 5 year bond issued with a 4% coupon will trade at par as long as yields for comparable bonds stay at 4%. Say for example one day after that bond is issued at par, interest rates increase so that the same bond issued a day later would yield 4.5% (extreme but gets the point across), the price of the original bond will decrease so that the discount on the bond plus the 4% coupon payments will yield 4.5%.

Think about it this way.. why would anyone pay par for a bond yield 4% when they can get an almost identical bond yielding 4.5% at par.