At first blush, the idea of a bond that doesn’t pay interest seems oxymoronic. 毕竟, isn’t a bond a debt instrument that pays periodic interest and repays the principal at maturity?1
零息债券实际上是债务工具, but are issued at a discount to their face value, 不支付利息, 并在到期时支付其面值.
假设, a hypothetical zero coupon bond is issued today at a discount price of $743 with a face value of $1,000, 15年付清. 如果你买这个债券, hold it for the entire term and receive the face-value payment, the difference of $257 represents the interest you earned. In this hypothetical example, the bond’s interest rate would amount to approximately 2 percent.
Zero coupon bonds are predominantly issued by the federal government, ,通常, they are issued with maturities of 10 to 15 years.
Zero coupon bonds are traded on recognized financial markets and exchanges, which may offer investors liquidity in the event they choose not to hold them to maturity.
One of the biggest risks of zero coupon bonds is their sensitivity to swings in interest rates. In a rising interest rate environment, their value is likely to fall more than other bonds.
Zero coupon bonds are subject to an unusual taxation in which the receipt of interest is imputed each year, requiring holders to pay income taxes on what is called “phantom income.”
For individuals, zero coupon bonds may serve several investment purposes. Zeros may be bought to fund specific future financial obligations, e.g.,大学储蓄. 通过把他们放在一个美国.S. 财政部零, a parent can be assured that the funds are expected to be fully intact to meet this liability.2
和任何投资一样, a zero coupon bond’s appropriateness hinges on your individual needs and circumstances. Understanding some of the basic concepts may help you better assess whether they might have a place in your portfolio.
1. The market value of a bond will fluctuate with changes in interest rates. As rates rise, the value of existing bonds typically falls. 如果投资者在到期前卖出债券, it may be worth more or less than the initial purchase price. By holding a bond to maturity an investor will receive the interest payments due plus your original principal, 禁止发行人违约. 投资s seeking to achieve higher yields also involve a higher degree of risk.
2. U.S. 财政部零 coupon bonds are guaranteed by the federal government as to the payment of principal and interest. 然而, if you sell a 财政部零 coupon bond prior to maturity, it could be worth more or less than the original price paid.
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