Glossary

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We believe a glossary is key for any client trying to navigate through the range of complex terms and jargon in our industry.

Our most frequently defined terms are defined below but if there's something you think we should add, please contact us.

Z

Zero coupon bond

A debt instrument issued at a discount to its face value. The bond makes no payment until maturity, at which point it is redeemed at face value.

Zero coupon swap

An interest rate swap agreement with the fixed rate side based on a zero coupon bond.

Z-spread

The difference in yield between a bond and corresponding swaps. A positive z-spread number means that a bond’s yield is higher than swap yields for the given set of projected future cash flows and the bond price today.

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