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A zero-coupon bond (also discount bond or deep discount bond) is a bond in which the face value is repaid at the time of maturity. Unlike regular bonds, it does not make periodic interest payments or have so-called coupons, hence the term zero-coupon bond.
A ZCS takes its name from a zero coupon bond which has no interim coupon payments and only a single payment at maturity. A ZCS, unlike an IRS, also only has a single payment date on each leg at the maturity of the trade.