@KKBHH,
For comparison I looked at the Nov 15 2018 Treasury Strip.
I subtracted the 98.94 Treasury Strip quote from the 104.26 Treasury Bond quote.
The result is 5.32 * 100 or $532 value for each $100000. That $532 value is for a bond without dividend or redemption.
But a bond derivative would be for the purpose of getting the price change relative to the 104.26 price.
Also, I don't have the actual redemption price on the 9% Treasury Bond.
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Now the above subject is an entirely different subject from one of my other subjects whereby neither dividends or return-of-capital are expected. One preferred stock gets distribution rights just in case and the other preferred stock gets the vote. Then both preferred stocks together convert to common stock with two preferred stocks making one common stock.
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