A bond trading at its face value. Bloomberg Financial Dictionary
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A bond issued at par or face value. Alternatively, to provide debt service reduction, old debt can be swapped at par for new 'par bonds' which may have lower interest rates or longer repayment periods.
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par bond UK US noun [C] FINANCE
► a bond that is sold at the value that it had when it was first sold: »
The par bonds paid interest at 4% in the first year, rising to 6% in the seventh year and thereafter.
Financial and business terms. 2012.