# Face Value (Par)

*Markets & Instruments — Finicade finance glossary*

The amount a bond promises to repay at maturity — its par value, the base the coupon is calculated on. Bonds trade above or below par as interest rates and credit quality shift.

**Also known as:** par value, par

**Related terms:** [Bond](https://finicade.com/glossary/bond), [Coupon](https://finicade.com/glossary/coupon), [Maturity](https://finicade.com/glossary/maturity)

Source: https://finicade.com/glossary/face-value