Bond prices are quoted on a 'clean' basis. This means that the price showing does not include any accrued interest. When an investor buys a bond however, they pay the bond's 'dirty' price which is the clean price plus the accrued interest.
For a comprehensive guide to accrued interest you can review our brochures or download our accrued interest calculator:
(file xls - 597 KB) Accrued interest calculator.
ORB - Bonds made easy
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