A zero-coupon bond is a debt security that doesn't pay interest but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value. A zero coupon swap is an exchange of income streams in which the stream of floating interest-rate payments is made periodically, as it would be in a plain vanilla swap, but the stream of fixed.
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Although the tax loopholes were closed quickly, the bonds themselves are desirable because of their simplicity. When the bond reaches maturity, its investor receives its par or face value.
Treasury bill market is the most active and liquid debt market in the world.