What does the bond trade reported as 5.50s 2030 at 101 1/2 signify?

The bond trade reported as 5.50s 2030 at 101 1/2 signifies that the bond has a coupon rate of 5.5% and is set to mature in the year 2030. The notation "at 101 1/2" indicates the bond is trading at 101.5% of its face value. Therefore, if the face value of the bond is typically $1,000, then trading at 101.5% means that the bond is being purchased for $1,015 ($1,000 x 1.015). This clearly identifies both the interest rate the bondholder will receive annually and the price at which the bond is currently trading in the market.

The information about the bond's coupon rate, maturity, and trading price provides investors an understanding of the bond's cash flow characteristics and market valuation, which are critical for making informed investment decisions.