One percent or 1%. A Bond that is discounted two Points is quoted at 98% of its Par (Principal amount) value. Because the dollar prices of municipal Bonds are quoted as a percentage of $1,000, a Point is worth $10 regardless of the actual Denomination of a particular Bond. For example, a bond discounted 2 Points, or $20, is quoted at “98” (98% of its Par Value), or $980 per $1,000.

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Hudson Yards Rail Yards

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Hundreds of Terms and Concepts

Parity Debt

Two or more issues of bonds with the same priority of claim or lien on the same underlying security and sources of repayment (i.e., revenues) for all of the bonds.