# Treasury Bill and Treasury Bond : Quoted Price VS Cash Price VS Value of Bond

I have confused by three concepts and following is my understanding:

Quoted Price and Cash price are totally different things in the Treasury Bill and Treasury Bond?

In the Treasury Bill, they are the two alternative ways to state the amount of coupon over face value 100 and we have the relation $$\dfrac{n}{360}\times\text{Quoted Price} = 100 - \text{Cash price}.$$

But in the Treasury Bond, they describe the current price of bond with the relation: $$\text{Cash price = Quoted price + Accrued interest since last coupon date}.$$ $$\text{Cash price = Dirty price}$$ $$\text{Quoted price = Clean price}$$

The Value of Bond is calculated by the zero curve or the yield of the bond, when the coupon structure is known. The Value of Bond have the relation with Quoted Price and Cash price in Treasury Bond(>,< or =), but has nothing related in Treasury Bill.

I am not sure whether above understanding is correct.

• A treasury bill doesn't have a coupon... – Lliane Sep 15 '17 at 9:12