Price quotes-bonds

CFA Level I
#1

Hi, I’m not getting this… CFA text says the that the price quote for a bond is in % of face value. Hence “90” means 90% of FV. BUt Schweser says that that the quote for treasury bonds and notes is in % +32nds of a percent. Which one is right? What am I missing here? Cheers, Nash

#2

It can go either way. On the exam they will explicitly state whether it’s 90.5 or 90 and 5/32.

#3

Fair enough…thanx for the assist. Cheers, Nash

#4

Errata…they’re both right.The 32nd rule is pertinent only to Treasury bonds and notes.Additionally, Corp debt is quoted in 1/8ths…FRM book by Schweser.