Your shares are at par.

你的股金与票面价值相等。

If, during this period, a high-grade, noncallable, long-term bond with a 12 percent coupon had existed, it would have sold far above par.

如果在这一时期，一个高等级，无法回购的12%息票率的长期债券存在的话，会卖的远远超过票面价值的。