A term used to describe the price of a security when it is trading above its face value. A security usually trades at above par when its income distributions are higher than those of other instruments currently available in the market.
If an investor purchases a security above face value, he or she will incur a capital loss at maturity when it is redeemed for face value.
指证券交易价格高于其面值时的价格。当一种证券的收入分配高于市场上现有的其他标的时，它通常以高于票面价值的价格交易。
如果投资者购买了高于面值的证券，在到期时按面值赎回时，他或她将蒙受资本损失。