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Glossary

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  28. 0-9
Par
(i) Price of 100%.
(ii) The principal amount at which the issuer of a debt security contracts to redeem at maturity.
(iii) The nominal value of a security.
Par value
The amount, exclusive of interest or premium, due to a security holder at maturity. The face value (par value) of a security is shown on the face of the security's certificate.
Partizipationsscheine
On Swiss exchanges, a bearer security incorporating the same rights as the dividend-right certificate and thus similar to that. It is issued for the purpose of raising capital, and its nominal value is part of the equity of the company.
Passive managers
Fund managers who do not attempt to beat the market. Instead, they try to mirror the performance of a selected market index.
Payment date
The date on which a dividend or bond interest payment is scheduled to be paid.
Penny stocks
Low-priced stocks selling at less than USD1 a share, often highly speculative.
Perpetual
A security without a time limit for redemption.
Pink sheets
A list of securities which are traded by OTC market-makers, published by the National Quotations Bureau; the price quotations for equity securities are published on pink sheets, those of debt securities on yellow sheets.
Pip
1/100 of 1% of the nominal value of a security.
Pit