Series 6: 4.2.11.2.1. T-Notes And Bond Quotations

4.2.11.2.1. T-Notes and Bond Quotations

Like corporate bonds, Treasury notes and bonds are quoted in the secondary market on a price basis where one point equals 1% of par. Unlike corporate bonds, whose percentages are split into 8ths of a percent, government securities are split into units of 32nds. A price quote of 98-11 refers to a price of 98 11/32% of par value, or 98.34375% of par. If the Treasury bond had a par value of $1,000, then the bond would sell for $983.44.

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