The price value of a basis point is a method of measuring the price sensitivity of a bond. This is often established by assessing the absolute change in the price of a bond if the required yield changes by one basis point (BPS). In other words, PVBP is the price change of a bond when there is a .01% (one basis point) change in the yield. Price volatility is the same for an increase or a decrease of one basis point in required yield.