| Noun | 1. | zero-coupon security - a security that makes no interest payments but instead is sold at a deep discount from its face value zero coupon bond, zero-coupon bond - a bond that is issued at a deep discount from its value at maturity and pays no interest during the life of the bond; the commonest form of zero-coupon security certificate, security - a formal declaration that documents a fact of relevance to finance and investment; the holder has a right to receive interest or dividends; "he held several valuable securities" |