Lo and behold, their bonds would go up because people had discovered that you might be entitled to par.

你可以发现，他们的债券价格会上升因为人们,已经发现你可能有权以票面价值。

耶鲁公开课 - 金融市场课程节选

But if they default, you can buy them at $90 and if they can't file their financial statements, you're entitled to par.

但是如果他们违约了，你可以在90美元买进0,但是如果他们没有发布他们的财务报表，你有权以票面价值购进。

耶鲁公开课 - 金融市场课程节选

So, for companies that could pay you back, but their bonds are trading below par, probably because they have a low coupon.

因此，公司也许可以支付你，但是它们的债券只能以低于票面价值交易，很可能是因为他们的票息很低。

耶鲁公开课 - 金融市场课程节选

We were interested in finding bonds trading below par where we thought there was a chance that companies would not file their financial statements on time.

我们对发现以低于票面价值进行交易的债券很感兴趣,我们认为在没有按时发布它们财务报表的公司,时机有可能发现。

耶鲁公开课 - 金融市场课程节选

If they were late, we had the prospect of getting par quickly.

但是如果他们晚了，我们有机会迅速得到票面价值。

耶鲁公开课 - 金融市场课程节选