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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