The assertion regarding zero coupon bonds that is most accurate is that they usually trade at a significant discount below par when they are first issued.
What exactly is a bond coupon?
A coupon, also known as a coupon payment, is the annual interest rate on a bond that is paid from the issue date until maturity. It is stated as a percentage of the face value of the bond. Typically, when discussing coupons, the coupon rate is used (the sum of coupons paid in a year divided by the face value of the bond in question).
How do coupons and bonds differ from one another?
A regular bond and a zero-coupon bond vary in that normal bonds pay interest in the form of coupons.
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