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ZERO COUPON BOND

A discounted bond that is traded and pays no coupon interest during its life. The difference between par value and discount value generates profit.

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ZERO COUPON CONVERTIBLE BOND

A convertible bond that is discounted and exchanged into stock. While it is a bond it acquires interest.

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ZERO COUPON INFLATION SWAP

A swap that exchanges floating for fixed rates at maturation. There are no intervening payments during the transaction. They are long term and last 10 or more years. Refer to annual inflation swap and inflation swap.

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ZERO COUPON SWAP

A sway exchanging periodic payments for one lump payment at maturation.

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ZERO COUPON YIELD CURVE

A yield curve showing discounts for maturities from a starting point to present. This is done through stripping the yield curve.

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ZETETICK

Proceeding by inquiry. Enc. Lond.

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ZIGARI, or ZINGARI

Rogues and vagabonds in the middle ages; from Zigi, nowCircassia.

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ZOLL-VEREIN

A union of Germanstates for uniformity of customs, established in 1819. It continued until the unificationof the German empire, including Prussia, Saxony, Bavaria, Wurtemberg, Baden, Hesse-Cassel, Brunswick, and Meckienburg-Strelitz, and all intermediate principalities. It hasnow been superseded by the German empire; and the federal council of the empire hastaken the place of that of the ZoR-Verein. Wharton.

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ZYGOCEPHALUM

In the civil law. A measure or quantity of land. Nov. 17, c. 8. Asmuch land as a yoke of oxen could plow in a day. Calvin.

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ZYGOSTATES

In the civil law. A weigher; an officer who held or looked to thebalance in weighing money between buyer and seller; an officer appointed to determinecontroversies about the weight of money. Spelman.

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ZYTHUM

Lat. A liquor or beverage made of wheat or barley. Dig. 33, 6, 9, pr.

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ZANJA

Span. A water ditch or artificial canal, and particularly one used for pur- fiposes of irrigation. See Pico y. Colimas, 32 U Cal. 578.

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ZANJERO

Span. A water commissioner or superintendent, or supervisor of an ir-Prigation system. See Pico v. Colimas, 32 Cal. 578.

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ZEAXOT

This word is commonly taken in a bad sense, as denoting a separatist from _the Church of England, or a fanatic. Brown.

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ZEALOUS WITNESS

An untechnical term denoting a witness, on the trial of a cause,who manifests a partiality for the side calling him, and an eager readiness to D tellanything which he thinks may be of ad- vantage to that side.

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ZEIB

O. Sc. Year. “Zeir and day.” Bell.

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ZEQUITAS SUPERVACUA ODIT

Equity abhors superfluous things. Lofft, 282.

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