Glossary on Trade Financing Terms - Z

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Z

Zero bonds; zero-coupon bonds:

A Bond on which no periodic interest (coupons) is paid during its life, and where both the principal and the interest are paid at the bond’s maturity date. The bond is sold at a discount and its maturity value equals the par value. Its yield interest rate is determined by the rise in the bond’s value over time. This kind of instrument is widespread in the United States and on the Euromarket.

Français: Obligations à coupon zéro (à taux d’intérêt nul)
Español: Bono de cupón cero

Zero-coupon convertible:

A Zero coupon bond with the option of conversion into common stock or other security.

Français: Convertible à coupon zéro (à taux d’intérêt nul)
Español: Bono convertible de cupón cero

Zero-coupon swap:

A swap of an interest-bearing coupon security in exchange for a zero-coupon security.

Français: Swap à coupon zéro (à taux d’intérêt nul)
Español: Swap de cupón cero

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