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

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