This is important in price discovery and pricing of bonds based on trades. "Odd" lots are traded at lower prices than "round" lots. However I wasn't able to find a definition of "odd" lot anywhere. For equity shares it's lots of multiples other than 100. I found one by fidelity odd lot = number of bonds different from 100 and one by capital IQ, trades below $1 million.
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1 Answer
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The answer depends somewhat on the type of bond. An odd lot of corporate bonds may be different than municipal bonds or US Government Agencies. Generally speaking, an odd lot would be any trade under $100,000 in face value.
