| 单词 | Zero Coupon Bond |
| 释义 | Zero Coupon Bond 零息债券 指不支付利息的债券。由於零息债券是贴现发行，即以低於面值的价格发行，到期时按面值还本，因此面值与发行价的差额即是投资人的资本利得，这实际上等同於一次性收取的利息。因零息债券到期前不支付利息，投资人无须面对利息所得再投资的收益率下跌的风险。另外，对一些投资人来说，获得一次性的资本利得而非一连串的利息收入，也许还有赋税上的好处。 "A bond that pays no coupon but is issued at a deep discount to face value. The difference between the issue and redemption prices creates a capital gain that boosts the effective yield close to market levels. As it does not pay a coupon, investors do not run the risk of reinvesting interest paid at a lower rate if interest rates fall during the life of the bond. There may also be tax advantages to an investor from taking a one-off capital gain rather than a stream of income from coupon payments." |
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