non-interest-bearing bond
A bond that does not pay periodic interest; typically issued at a discount and redeemed at face value. Used in financial and governmental contexts.
The government issued non-interest-bearing bonds to raise funds.
割引債 is a discount bond, which is a type of non-interest-bearing bond sold below face value. 無利息公債 explicitly emphasizes the absence of interest payments.
Compound of 無 (without), 利息 (interest), and 公債 (public bond). The term is a straightforward Sino-Japanese financial compound.