The price of a bond or note can be at its face value (also known as the par value), or it might be above or below the face value. The price depends on the yield to maturity (YTM) and the coupon rate.
If the YTM is | the price of the bond/note will be |
above the coupon rate | below the face value |
equal to the coupon rate | at face value |
below the coupon rate | above the face value |