at a discount
Adjective


1. Referring to a financial instrument that is trading at a price below its par or face value.
2. Referring to the forward rate for a given forward maturity when it is lower than the current spot rate, where the first (left hand) number is lower than the second (right hand) number.

Synonym(s): 
  • below face value (1.); below par (1.); below par value (1.).
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