Original Issue Discount — discount to face value (par) at which a loan is initially issued, typically 98–99 for new-issue middle-market direct loans. Amortized into yield over the loan's expected life using the yield-to-takeout convention y_t ≈ y_c + (Par-Price)/(n · Price); a 99 OID on a 3-year expected life adds sim 34 bps, on a 4-year expected life sim 25 bps. One of three pricing components (index, spread, OID) alongside any PIK component.