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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.


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.



See par value.
References in periodicals archive ?
I think she'll finish 4 under par,'' Knight said early Sunday afternoon, after Sorenstam had slipped to 2 under by starting her final round with two consecutive bogeys.
Among Els' closest challengers, only Love, who played the three holes in 1 under par, gained any momentum heading into the wind tunnel that was the rest of the back nine.
In the face of this, he attributed his solid round to patience and perseverance, which was rewarded when ``boom, boom, boom - I've made three birdies and I'm under par.