What Is Par?

Patrick Curtis

Reviewed by

Patrick Curtis WSO Editorial Board

Expertise: Investment Banking | Private Equity

Par is a term used in Fixed Income to denote the face value of a bond. Par is very often expressed as a percentage and quoted in values out of 100. For example, a bond may be trading at 98, which means if the face value of the bond is $10,000, it is currently trading as though it were valued at $9,800. A par value below 100 reflects the uncertainty of repayment, whilst a value above 100 reflects the financial strength of the issuer.

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Patrick Curtis

Patrick Curtis is a member of WSO Editorial Board which helps ensure the accuracy of content across top articles on Wall Street Oasis. He has experience in investment banking at Rothschild and private equity at Tailwind Capital along with an MBA from the Wharton School of Business. He is also the founder and current CEO of Wall Street Oasis. This content was originally created by member WallStreetOasis.com and has evolved with the help of our mentors.