Face value is also called par value. Par value of a bond Par value is the amount owed to the issuer of the bond to the bondholder. Par value is also called face value. It is usually the face value if held to maturity. A bond discount is the difference between the purchase price of a bond and the value at redemption when the purchase price is less than the redemption price.
Redemption value is less than face value.
A bond premium is the difference between the purchase price of a bond and the value at redemption when the purchase price is greater than the redemption price. Bonds redeemable at a premium have a redemption value greater than face value. A debenture is a bond for which no security is offered.