The issuer is the entity (company or government) who borrows the money by issuing the bond, and is due to pay interest and repay capital in due course. The principal of a bond – also known as maturity value, face value, par value – is the amount that the issuer borrows which must be repaid to the lender.[2] The coupon (of a bond) is the annual interest that the issuer must pay, expressed as a percentage of the principal. The maturity is the end of the bond, the date that the issuer must return the principal.