Less than the nominal or face value of a security. Bloomberg Financial Dictionary
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Ⅰ.
under/below/sub par
► worse than the usual or expected standard: »
California ranks below par in tackling the retiree health-care issue.
Main Entry: ↑par
Ⅱ.
below par UK US adjective
► STOCK MARKET relating to a bond or share that sells at a price that is lower than the value shown on it: »
If the bond is trading below par, the issuer is likely to repurchase it in the market.
► worse than usual, or below the expected standard: »
Customers who were surveyed reported that the company's products are expensive and below par.
Financial and business terms. 2012.