I understand that a bond priced at $100 (par) has a face value of $1000 (or a quantity of 1m). But I'm confused as to when these should be used in conversation. The nomenclature makes me assume there are two different scenarios in which they should be used.
Is there a fundamental difference between the two terms? If so, which context would you choose to use them?
Update for clarification:
At Fidelity, they price their bonds with 100 being par. So a $1,010 bond would have a listed price of $101.0 but you would still end up paying $1,010 for the bond. I guess that x10 multiplier is where I was confused. Why markets price Fixed Income at a divided price.