nullkupongivõlakirjad

Nullkupongivõlakirjad, also known as zero-coupon bonds, are debt securities that do not pay periodic interest payments, or coupons, to the bondholder. Instead, these bonds are sold at a significant discount to their face value and the investor receives the full face value of the bond at maturity. The difference between the purchase price and the face value represents the investor's return.

These instruments are attractive to investors who anticipate interest rates to fall in the future, as the fixed return is locked in at purchase. They also offer a predictable payout at a specific future date, making them useful for long-term financial planning, such as saving for retirement or education. The price of a zero-coupon bond is highly sensitive to changes in interest rates. If market interest rates rise after a zero-coupon bond is purchased, its market value will fall more dramatically than that of a coupon-paying bond. Conversely, if interest rates fall, the value of a zero-coupon bond will increase more significantly.

The taxation of zero-coupon bonds can differ depending on the jurisdiction. In some countries, investors may be required to pay taxes on the "accrued interest" each year, even though no actual interest payment is received. This is known as phantom income. It is advisable for investors to consult with a tax professional to understand the specific tax implications in their region. Zero-coupon bonds are issued by corporations and governments and are traded on financial markets.