(1) A measure of the income generated by a bond. The amount of interest paid on a bond divided by the price. (2) The rate of discount which makes the present value of the stream of future returns plus the terminal value of the asset equal to the current market price of the asset.
Zero Coupon Bond
A bond issued at a discount (i. e. below par value), earning no interest but redeemable at its par value, thus providing a guaranteed capital gain.
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