Bond fair price
The sum of all future payments on the issue, discounted to today at the required yield.
Formula
C_t is the coupon of the period, N the par value, y the required yield, T the number of periods. Everything that moves the price in the market enters the formula only through y.
How to read the number
A bond has a calculable anchor that a share does not: the payments are known, and only the discount rate is open to argument.
When the metric lies
Also known as: theoretical bond price, present value of a bond