Discount

英文名稱：Discount 中文名稱：貼水／貼現／折扣
一般是指某物的價格水平低於其價值。在外匯市場裏，貼水是指遠期匯率低於即期匯率；在貨幣市場裏，金融票據到期前不付息，因此其價格低於面值；在期貨市場，貼水指期貨的價格低於現貨。參見溢價／升水（Premium）。 eb1619e81e59668d2db8098284f6daa5 
e.g. McCann said that the fact that Origin's shares were trading at a deep discount compared with a recent independent experts' valuation means that the company is less susceptible to fresh takeover bids.

The condition of the price of a bond that is lower than par. The discount equals the difference between the price paid for a security and the security's par value. 

For example, if a bond with a par value of $1,000 is currently selling for $990 dollars, it is selling at a discount.