are bonds always issued at par value 
no bonds are not always issued at par value they can be issued at a premium price is higher than the par value or at a discount price is below the par value the reason for a bond being issued at a price that is different than its par value has to do with current market interest rates for example if a bond s yield is higher than market rates then a bond will trade at a premium conversely if a bond s yield is below market rates then it will trade at a discount to make it more attractive 