https://treasurydirect.gov/marketable-securities/understanding-pricing/?
The price for a bond or a note may be the face value (also called par value) or may be more or less than the face value. The price depends on the yield to maturity and the interest rate.
| If the yield to maturity is | the price of the bond or note will be |
|---|---|
| greater than the interest rate | less than par value |
| equal to the interest rate | par value |
| less than the interest rate | more than par value |
