Quote Originally Posted by Snoopy View Post
...What am I missing?...
TRA100-20190825.jpg

Buy $100 face value of bonds for $103.862 (see piccy above).

Receive 9 quarterly payments of $1.375, a gain of $12.375

Receive $100 back on redemption, a loss of $3.862

Net gain over two and bit years = $8.51

Which is approximately 4.0% on your outlay.