The price at which a bond is trading. A bond quote is typically expressed as a percentage of par value, with the percentage converted to a point scale. The price that someone is willing to pay for the bond is always given in relation to 100, or par value. A bond quote above 100 means that the bond is trading above par, while a bond quote below 100 means that the bond is trading below par.
Quotes for corporate and government bonds are represented either by a percentage of the bond's face value or as a dollar value. Corporate bonds are quoted in 1/8th increments, so a quote of 99 1/8 represents 99.125% of par ($1,000), or $991.25. Government bonds are typically quoted in 1/32nds. Municipal bonds may be quoted on a dollar basis or on a yield-to-maturity basis.