Glossary of Municipal Securities Terms

POINT

One percent of par value. Because municipal dollar prices are typically quoted in terms of a percentage of $1,000, a point is worth $10 regardless of the actual denomination of a security. A security discounted 2 ½ points, or $25, is quoted at “97 ½” (97 ½ percent of its value), or $975 per $1,000.

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