Pricing Feature 
Treatment 

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Pricing Formula 
Yield is based on the following simple interest formula: where T is the number of days from settle to maturity divided by 365. If there is more than one year to maturity, the numerator must be reduced for every leap day that falls within the period. PPH is clean price. 

Odd First Period 
Bonds issued prior to March 2001 often had short first periods. All bonds issued after that date have a standard coupon equal to ½ of the annual interest amount. 



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