零息债券的中文解释

指不支付利息的债券。由于零息债券是贴现发行，即以低于面值的价格发行，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，这实际上等同于一次性收取的利息。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。

Zero Coupon Bond的英文解释

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.

• effective [i´fektiv]   a.有效的；有力的   (初中英语单词)
• stream [stri:m]   n.河 vi.流出；飘扬   (初中英语单词)
• income [´inkʌm]   n.收入，所得   (初中英语单词)
• discount [´diskaunt]   n.&vt.(打)折扣   (英语四级单词)
• investor [in´vestə]   n.投资者   (英语六级单词)
• taking [´teikiŋ]   a.迷人的 n.捕获物   (英语六级单词)