Par value

The price of a security is referred to as par, if it is equal to the nominal value of the paper. If the price is above or below the nominal value, it is called above par or below par. Accordingly, securities issues as over- par or sub-par emissions are referred to when the issue price is above or below the nominal value. The difference between the issue price and the face value is called a premium ( above par ) or discount ( below par ).

A fixed rate bond is listed at par when their coupon equal to the market interest rate (or more precisely the market return ) is.

Synonyms for pari are at par and par course.

• Financial market
• Securities issue