Second, fixed-income futures contracts often have more than one bond that can be delivered by the seller. Because bonds trade at different prices based on maturity and stated coupon, an adjustment known as the conversion factor is used in an effort to make all deliverable bonds roughly equal in price.
Does this mean that Govt bonds with different maturities and coupon have similar prices? Should they have diferent prices so the associated risk of # year of maturity, liquidity etc.