I'm taking practice exams for the SIE and along came this question:
The last transaction in XYZ 5.50s 2030 was at 102. This bond is selling at:
Answer: a premium.
I understand the basics of bonds (I think), but the textbook I used while preparing for the exam never used this notation, and I'm having trouble formulating a useful search query. Can someone please explain what's going on here? Thanks.