A bond with a fixed maturity and no explicit interest. That is, the entity that acquires it does not regularly pay an interest for having purchased it according to the fixed period. The profitability of this instrument lies in the fact that it was issued at a discount price lower than its nominal value. Thus, the investor will gain profits upon maturity of this bond since he/she will receive the amortization value, which is higher than the acquisition value. It has certain tax advantages.
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