The price of a coupon bond not including any accrued interest. A clean price is the discounted future cash flows, not including any interest accruing on the next coupon payment date. Immediately following each coupon payment, the clean price will equal the dirty price.
Calculated as:
|||The country in which the coupon-paying bond is traded will influence how the bond is quoted. In America, it is the market convention to quote a bond in terms of its clean price; in other markets, bonds are more commonly quoted in terms of their dirty price.
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