Par rate curve vs the spot rate curve

Does this mean the same thing?

Or is it only same provided that it is a zero coupon bond?

Can anyone explain the difference between the 2?

Par curve assumes the bond trades at par (coupon rate=yield). Spot curve is taking a zero coupon books into consideration. Check out the following link from S2000magician’s site:

The par curve gives the YTM for coupon-paying bonds: the discount rate applied to a series of payments (coupons and principal).

The spot curve gives the discount rate for a single payment at each maturity.

Is “par curve” ==“curve of par yield”?

and the value of “par yield” is defined as c in


Thank you

You’re welcome.

An important thing is that you can derive the spot curve from the par curve.

And vice-versa.