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 one percent of par. Unlike corporate bonds, which are quoted in eighths 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.
A price of 103-08 refers to a price of 103 8 /32 % of par, or 103.25% of par. If the Treasury bond had a par value of $1,000, it would sell for $1,032.50.
Basic Types of Treasury Securities
Type
Maturity
Purchase Size
Interest Paid
Quotes
Treasury bills
One year or less
$100 up to $5 million
None; price is discount to par
Yield
Treasury notes
2 to 10 years
$100 up to $5 million
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