zero-coupon

[ zeer-oh-koo-pon, -kyoo- ]
/ ˈzɪər oʊˈku pɒn, -ˈkyu- /

adjective

of or relating to a debt obligation that bears no interest but that is sold substantially below its face value.

Origin of zero-coupon

First recorded in 1975–80
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019