Malawi » Glossary

A bond in which no periodic coupon is paid over the life of the contract. Instead, both the principal and the interest are paid at the maturity date.

A zero-coupon bond convertible into the common stock of the issuing company after the stock reaches a certain price, using a put option inherent in the security.

An actuarial adjustment to long-term business reserves to allow for the heavy initial expenses of writing such business.