Bonds are priced on the market by investors, so that the yield on similar securities are the same. After this the bonds yield to maturity can be calculated.
My confusion lies in the fact that, since investors use yields to maturity to assess what a fair price for the bond would be, this creates a circular dependence. Bond prices determine the yield, but investors determine the fair bond price using the yield. Seems like the price would be indeterminate in this case.