non-interest bearing money market instruments, issued at a discount from face value (or nominal value), with the holder receiving face value when the security matures. Discount securities carry no coupon, or annual rate of interest.

Securities issued at a price below the principal to be received at maturity.

non-interest bearing money market instruments, issued at a discount from face value, with the holder receiving face value when the security matures. Discount securities carry no coupon; examples are bills of exchange, promissory notes and treasury notes.