The price value of a basis point of a bond is a measure of the bond price volatility to interest rate movements. This measure, also called the dollar value of a basis point (01) (DV01), is the absolute value of the change in the bond price for a one basis-point change in yield. In other words:

PVBP= | initial price – price resulting from yield changing by 1 basis point |

where the signs |….. | denote absolute value. That is, regardless of the direction of yield change (whether increases or decreases by one basis point.