Above par is a term used for bonds, where the price at which it is trading is above the face value. Bond prices are usually quoted as a percentage of face value. So a par value above 100 means the bond is trading above par.
The par value for a bond reflects a pricing benchmark. A bond trading above par is considered trading at a premium, where its current yield is lower than its fixed coupon rate.
Bonds may trade above par when market interest rates have lowered since it was issued (and the bond’s interest rate is higher), its credit rating became stronger, or general market conditions improved. Usually, bonds trading at a premium are considered less risky.