The unit size of a convertible bond. It is amount for which a bond can be redeemed at maturity. It is typically $1,000 per each bond. The par value of a euro-convertible bond is 1,000 euros. In the Japanese domestic and euro-yen markets, it is 1,000,000 yen. The convertible’s price, issue price and redemption value are usually expressed as a percentage of the bond’s par value (however, French convertibles are quoted in unit form).

This value is also known as a nominal value.