It rarely makes sense to buy at that high a price for them to be satisfied with being paid off only at par (the full value of the bond).

以这么高的价格买进，让他们满足于只按票面价值(债券的全部价值)偿付，几乎没有什么意义。

youdao

It rarely makes sense to buy at that high a price for them to be satisfied with being paid off only at par [the full value of the bond].

有银行家说，“对他们来说，以高价买入企业债券是没有任何意义的，他们只满足于以债券面值的价格买入。”

youdao

That's because bond prices aren't fixedat their par value of $1, 000, and generallysell for more or less than that amount.

原因是票面价值为1000美元的债券的价格不是固定的，而且通常它比实际数量卖掉的更多或者更少。

youdao

You wouldn't buy this bond at par because at par, meaning at $100- because then you wouldn't get any interest on it.

你不是以平价买入,平价买入,意思是以100面值买,否则就没有利息收益了

耶鲁公开课 - 金融市场课程节选

It is calculated by dividing the annual coupon payment by the par value of the bond.

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Why he thought a discounted 3% bond was better value than a 5% bond sold at par is unclear.

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The benefit of the latter is the incentive provided by the chance that the buyer will be able to redeem the bond for more than par.

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