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零息票债券是指以低于面值的折扣价出售,在债券存续期间不发生利息支付,到期一次性按面值偿还本金和利息的债券。在国外成熟的债券市场中,这已经是一种常见的债券工具。对于我国来说,这种新金融工具的推出,有利于改善短期债券严重匮乏的状况,促进市场供给与需求的平衡。作为一种特殊的衍生产品能大规模的发行,不受市场条件的限制,给银行创新金融产品提出必然且可行的出路。
Zero-coupon bonds are bonds that are sold at discounted prices below their nominal value and do not carry interest payments during the life of the bonds, with one-off payments of principal and interest at par. This is already a common bond instrument in mature foreign bond markets. For our country, the introduction of this new financial instrument will help to ameliorate the serious shortage of short-term bonds and promote the balance between market supply and demand. As a special derivative products can be large-scale distribution, not subject to market conditions, to the bank innovative financial products necessary and feasible way out.