The par value of a bond is the amount that the issuer agrees to repay the bondholder by the maturity date. This amount is also referred to as the principal, face value, redemption value, or maturity value. Bonds can have any par value.
Because bonds can have a different par value and currency (e.g., U.S. dollar, euro, pound sterling), the practice is to quote the price of a bond as a percentage of its par value. A value of 100 means 100% of par value. So, for example, if a bond has a par value of $1,000 and the issue is selling for $900, this bond would be said to be selling at 90. If a bond with a par value of Eur 5,000 is selling for Eur 5,500, the bond is said to be selling for 110.