The issue price of bonds refers to the price that investors actually pay when they buy bonds in the issuance market (primary market). There are usually four different situations: 1, which is issued at face value, withdrawn at face value, and interest is paid on schedule during the period. 2. Issue at face value, and repay at one time according to the sum of principal and interest. At present, most bonds issued in China are in this form. 3. Discounted issuance, that is, issuance at a price lower than the face value, and repayment at face value at maturity. The difference between the face value and the issue price is the bond interest. This is how national debt is issued and priced. 4. Corporate bonds are mostly interest-bearing bonds, that is, interest is paid regularly, the principal is repaid once, and the last interest is paid. The issue price of corporate bonds may or may not be consistent with the face value of the bonds. Theoretically speaking, the bond issue price is the present value after discounting the face value of the bond and the annual interest to be paid according to the market interest rate at the time of issue. Risk warning: The relationship between coupon rate and market interest rate affects the issue price of bonds. When the bond coupon rate is equal to the market interest rate, the bond issue price is equal to the face value; When the bond coupon rate is lower than the market interest rate, enterprises can't attract investors if they still issue at face value, so they generally need to discount; On the other hand, when the bond coupon rate is higher than the market interest rate, enterprises still issue bonds at face value, which will increase the issuance cost, so they generally issue bonds at a premium.