Answer:
The answer is Par
Explanation:
An investor who purchases the new issue can expect to pay Part.
The agency appoints a selling group that sells new issues of agency securities.This selling group is usually made of large banks and broker-dealers. They sell the issue at par to the public. From what was made from the sale, the agency then pays the selling group a selling concession. In contrast, direct U.S. Government obligations are sold through auction
