Par is the bond’s face value. So a $1,000 bond will have a par value of $1,000. The term par may be a bit confusing because even if your bond is worth $10,000, par also refers to 100, as in 100 percent of a bond’s value. So you may hear that your bond cost 95, which means 95 percent of par. That means you’ll get a 5 percent discount, and pay $950 for every bond with a $1,000 face value. If the bond cost 116, that means it’s 116 percent of par, or cost you $1,160 for a bond with a face value of $1,000.