binary put options

how do you know what the strike price is for a binary put option? For sample 2 q 16 it gives you the MV and the par value and par value is used. If I’m trying to protect a bond shouldn’t a protect the MV (esp. in this case where MV is > 1000)?

I think the strike is par, it only pays out if a defined credit event happens.

The formula just says OV = max( strike -value, 0) but what you said makes sense, almost like an insurance policy, reminds me of a CDS

these are otc, i guess you can set the strike wherever you want. but usually par makes sense