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Bonds are typically issued in $1,000 base units: that $1,000 is their par, or face value. But they are quoted in units of 100. That is, a bond unit selling for $1,025 would be quoted as 102.5, or one-oh-two and a half. To get really technical, bonds are usually quotes as a spread—that is, 102.5 x 103—which means that if you are a buyer of the bond, you pay 103 cents on the dollar. If you are a seller of the bond, you'd get 102.5 cents on the dollar. The spread is $1,...
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