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Par Value / Face Value

The principal amount repaid at maturity — typically $1,000 for corporate bonds.

Par value (also called face value or principal) is the amount the bond issuer promises to repay the bondholder at maturity. For most corporate and government bonds, par is $1,000 per bond. Bond prices are quoted as a percentage of par: a price of 98 means the bond trades at $980 (98% of $1,000 par). Coupon payments are calculated as a percentage of par value, not market price. For example, a 5% coupon on $1,000 par pays $50 annually, regardless of whether the bond trades at $950 or $1,050. At maturity, bondholders receive par value plus the final coupon, regardless of the purchase price.

Formula
Par Value=$1,000 (typical)\text{Par Value} = \$1{,}000 \text{ (typical)}