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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 ?
* The use of other music during the Eucharistic Prayer, apart from the duly approved acclamations (par. 53).
Looking for a fantastic finish over the last seven holes, Paisley had a steady par at the par-four third and, after negotiating the ravine in front of the green at the tantalising parthree fourth, had two good putts on the undulating green for his par.
Following pars at the 13th and 14th, Paisley put the icing on the cake with a magnificent third birdie at the 503-yard par four 15th and for the first time was five under par.
Back to only one over par, the African bush looked a little less dense and at the 205-yard 16th Paisley pitched over the waterto a three-quarter island green and made par. He had back-to-back birdies at 17 and 18 before four successive pars.
After regulation par fours at the sixth and seventh, he hit a great shot into the green at the 208-yard par-three eighth and made par. At the ninth, there was a little light at the end of the tunnel as he recorded his second birdie of the half and turned in a level-par 35.
Off the tee Paisley hit a cracker and, despite not shooting the muchneeded birdie, didn't falter and made another safe par.
The tiger-like rough at the 486-yard par-four 16th is a torrid test but Westwood's drive split the centre of the fairway and, following a super second, she afely secured his four to go three under par.
He settled with four back-to-back pars, then at the tortuous 605-yard par-five seventh - after finding the green in three - he two-putted for a safe par. Westwood was playing consistent golf but, despite perfect greens which were running fast but true, he could not hit the hole for a birdie.
He found the centre of the green at the 188-yard, par-three-eighth and two-putted for a safe par.
Starting from the 403-yard par-four ninth, and trying to get into his rhythm, he safely claimed a par to cover the first nine holes in a tremendous four-under-par 31 and remain seven under par.
The 532-yard hole is where many cards have been wrecked, but Westwood didn't come to a watery grave, and shot a magnificent birdie four to be one under par. The 18th's a tough finishing hole, with a narrow fairway and fast green, but Westwood made a fine par four at the 452-yard hole, and turned in a one under par 35.
The circuit professional from Rockliffe Hall carded a 72-hole aggregate of 269 -11 under par.