On December 31, 1987 Southland Corporation issued $1,000 par value bonds due December 31, 2002. These bonds would pay no interest until December 31, 1992, but would pay 18% annual coupon semiannually afterward (the first coupon was to be paid on June 30, 1993). If these bonds had yield to maturity of 16%, compounded semiannually, what was their issuing price?