Episode Summary When pulling up a bond quote, investors are faced with a string of numbers that can seem confusing. This episode decodes a standard bond quote, explains how par value, coupons, maturity, and price interact, and reveals the hidden "fifth number"—accrued interest—that you must pay on top of the quoted price.

Key Concepts

• The Standard Quote: A typical quote—such as an issuer name, followed by 5.25%, a date in 2031, and 98.4—contains the four defining metrics: issuer, coupon, maturity, and price.
• Par Value: What the issuer contractually promises to repay at maturity (typically $1,000 per bond in Canada).
• The Coupon: A fixed percentage of par value, not your purchase pr ...