United Utilities 8.875% 2026
What is the price shown here?
The price shown here does not include accrued interest and is known as the "clean price". If you decide to purchase a bond, the price that you will pay will include any accrued interest - this is known as the "dirty price".
Why is this price different from the price I will pay?
This price may differ to the price you pay depending on whether the bond has accrued interest.
When you buy a bond you will receive a payment at a regular interval for the interest that has accrued on the bond (e.g. every six months). If you buy a bond on the first day it's been issued, or just after the interest has been paid, you will pay the price you see here (the 'clean' price). If you buy a bond between this time and the next interest payment, then the price you will pay includes the interest accrued during this time period (the 'dirty' price). This should help buyers and sellers to determine the difference between capital gains and income from interest.
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