Book Value Per Bond is a measure used to determine the amount of the corporation’s tangible assets for each bond issued.
Applying "Book Value Per Bond" to Securities Exams:
Book value is the theoretical liquidated value of a company. If a company were to sell off all its assets and then subtract all its liabilities, what’s left is the book value of the company. When divided by the number of bonds outstanding you have the book value per bond for that company.