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Glossary

Integral Multiple

Category — Issue Parameters
The Integral multiple is the minimum number of securities at par, with which settlement and depository operations are carried out. The integral multiple is also called "par amount". This term is associated with the terms "nominal" and "minimum settlement amount".

Let’s say you have chosen a security for which the denomination is 1000 currency units (US dollars, euros, lira, rubles, pesos, etc.), the minimum settlement amount corresponds to 100,000 of the same currency units, and the integral multiple is equal to 2000. This is means that the least you can buy is 100 bonds (for the amount of 100,000 monetary units in which the issue is nominated), if you want to buy more, then the quantity can be 102, 104, 106, that is, with a step (integral multiple) 2 pieces (or 2000 in money).

In the overwhelming majority of cases, the integral multiple coincides with the nominal, that is, the trading step will be equal to 1 bond. But there are also rare instances where an integral multiple can be greater than the nominal (as in the example above). The most common par amount is 1000 currency units in the issue currency.

Information on the integral multiple of a particular bond is displayed on its page in the “Issue Information” block under the “Nominal” heading.
Terms from the same category