Hi again,

It may be really simple, however I believe there may be some gap in my
understanding on how Bond works.

Let say at time T, I buy a bond with face value $1mn for 2 years maturity
with coupon rate 5%, coupon will be paid semmi-annually.

In this case, my question is: what is the value of bond at time T?

Is it that, value of bond at time T is the face-value, since I paid $1mn
right this time?

or,

It is the discounted future cash flow?

I understand that at time (T+dT), the value of this bond will be the
discounted values of the cfs. But I am confused on it's value at time T,
just when I bought that bond.

Thanks for your explanation.

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