Pronunciation: [at pˈɑː] (IPA) 
The phrase "at par" means to be equal in value or status. It is pronounced /æt pɑr/ and is spelled using the letters "a," "t," "p," "a," and "r." The IPA phonetic transcription breaks down the pronunciation into individual phonemes. The first three phonemes, /æt/, represent the short "a" sound followed by the "t" sound. The final two phonemes, /pɑr/, represent the "p" sound followed by the long "a" sound and the "r" sound.
AT PAR is a financial term that refers to the situation in which a security, such as a bond or a stock, is traded or redeemed at its face value. In other words, when a security is selling or being repurchased for the same price as its nominal or stated value, it is said to be trading at par. This means that there is no premium or discount associated with the transaction.
AT PAR is commonly used in the context of fixed-income securities, particularly bonds. When a bond is issued, it is assigned a face value, which represents the amount the issuer will repay to the bondholder upon maturity. If the bond is later traded or redeemed for the same face value that was originally set, it is said to be trading at par. This is a desirable situation for investors, as it guarantees that they will receive the full value of their investment.
The term can also be applied to other financial instruments, such as stocks or currencies, to indicate that they are being traded or exchanged for their nominal value. When a stock is sold or bought at its face value, it is said to be trading at par.
Overall, AT PAR indicates a straightforward and fair transaction where the price of a security is equal to its face value, without any premium or discount involved.
The phrase "at par" originated from financial and banking terminology. It is derived from the Latin phrase "pari passu", which means "with equal step" or "on an equal footing". In English, it was shortened to "at par" to refer to the concept of something being equal or equivalent. In financial context, "at par" specifically refers to a situation where a financial instrument (such as a bond or stock) is trading at its face value or its original issuance price. It indicates that the instrument is not being traded at a premium or discount.
