Point  

Shorthand reference to 1%. In the context of a ?bond,? a ?point? means $10, since a ?bond? with this reference means $1,000 (no matter what the actual denominations of the bonds of the issue). An issue or a security that is ?discounted two points? is quoted at 98% of its par value.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.