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Equal to the nominal or face value of a security. A bond selling at par is worth an amount equivalent to its original issue value or its value upon redemption at maturity-typically $1000/bond. See: Discount, premium.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


1. Of equal value. The word is often used in relation to pegged currencies; that is, if one currency pegs itself to another at par, it means that the central bank has declared that the currencies are of equal value.

2. The full price of a bond. This is usually, but not always, $1,000 per bond. Coupon payments are calculated as a percentage of par. Likewise, bonds are often traded as a percentage of par. For example, one may buy a bond at 95% of par, meaning that the investor pays $950. It is also called face value.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved



See par value.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
With powerful light that is still pleasant to be around, these PAR lamps are ideal choices for retail, museums, and art galleries.
Uphoria 3 LED PAR lamps have a special thermal design that maintains proper thermal management of the LEDs.
Manufacturers are producing halogen lamps as replacements for incandescent reflector bulbs (R and PAR lamps; see glossary, page 366) typically used in track lights and recessed ceiling lights.
Recently, my company recommended the replacement of 500-W incandescent lamps in the downlights of a high school auditorium with 24-W LED PAR lamps and achieved higher illuminance levels, better lamp cut-off and less maintenance.
* Watch for "long-neck" PAR lamps, as they may not physically fit within your fixture.
Satco's new Soft Ray frosted halogen bulbs eliminate the glare and hot spots associated with regular MR16 and PAR lamps. The company also unveiled dimmable, three-way, spiral compact fluorescent bulbs.
Cypress, CA, August 19, 2015 --( Ushio America Introduces the New Uphoria[TM] 2 LED PAR Lamps in PAR20, PAR30, PAR30LN and PAR38 models.