Discounted Bill

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Discounted Bill

A debt security issued at a discount to its face value. For example, if a discounted bill has a face value of $1,000, it may be issued to the holder at $900. When it matures, the holder receives the full $1,000. A discounted bill, especially a short-term issue, often does not pay a coupon; rather, the difference between the discount and the face value takes the place of the coupon. See also: Coupon-equivalent yield.
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Users presenting a Dine Out Wales card at 120 participating restaurants will receive a bill discounted by 50% on the first visit, with ongoing discounts of between 10% to 25% thereafter.