P
par
Par is 100 percent of the face value. A bond priced at par is priced at 100 percent, and the yield is the coupon rate.
pay-to-play
Pay-to-play is the practice of transferring money or other goods or services to politicians in return for special consideration in the awarding of contracts. In state and local finance, this usually revolves around bond underwriting or money management work, including reinvestment of proceeds and pension business. As Jesse Unruh, the longtime speaker of the California House and later state treasurer, said, “Money is the mother’s milk of politics.”
The municipal bond market has grappled with the issue of pay-to-play over the years, the results only being diminished by the reach of the market’s self-regulatory ...
