zero-coupon bond

zero-coupon bond　零息票债券　

A corporate or municipal debt security traded at a deep discount from face value.It is traded at a deep discount because the bond pays no interest.The profit is realized when the bond is redeemed at maturity for its full face value.It may be issued at a discount，or it may be stripped of its coupons by a bank and then repackaged as a zero coupon bond.