non-interest-bearing securities
Financial term for securities that do not pay periodic interest, such as zero-coupon bonds.
Non-interest-bearing securities are often issued at a discount in lieu of paying interest.
割引債 is a specific type of non-interest-bearing security (discount bond), while 無利息証券 is a broader category.
Compound of 無 (without) + 利息 (interest) + 証券 (securities).