Treasury notes and bonds are quoted in whole points plus 32nds of a point — a convention that needs converting to decimal before running most other bond math.
How it works
Adding the 32nds (plus an extra half if a trailing “+” is quoted) and dividing by 32, then adding that to the handle (whole points), gives the decimal price.
What this does not include
This does not include the accrued interest that must be added to this “clean” quoted price to arrive at the actual “dirty” price a buyer pays at settlement.
How to use this calculator
- Enter the handle, 32nds, and whether there’s a trailing “+” (half-32nd).
Frequently asked questions
Why does the Treasury market use 32nds instead of decimals?
It’s a long-standing market convention dating back to when fractional pricing was standard across many securities markets, and it has simply persisted in Treasury and some other fixed-income markets.
What does the trailing “+” actually represent?
An additional half of a 32nd, effectively a 64th — used when the quoted price needs finer precision than a whole 32nd allows.
Do corporate bonds use the same 32nds convention?
Generally no — most corporate bonds are quoted in decimal form; the 32nds convention is specifically associated with the U.S. Treasury market.
