累积债券（accretion bond；accrual bond）亦作：最后偿付债券。公司发行债券的一种形式，也称Z类债券(Z-tranche)，为发行人发行的多种债券中最后偿付的债券。
那些评级机构只是查看以前累积下来的数据后继续给那些债券最高的评级，但随着时间的推移和房地产市场出现的波动，这些债券正在积累大量风险。
The agencies, looking backward at the accumulated data, continued to give their top rating to securities that were piling up risk as each week went by and the real estate markets started to wobble.
应计利息是指累积的息票利息，由债券的买入者付给卖出者。
Accrued interest is the accumulated coupon interest, paid to the seller of a bond by the buyer.
其他特殊种类债券还包括“无息债券”，它在有效期内不付利息，而是累积起来在到期时一次偿还。
Other variations of the plain vanilla bonds include zero coupon bonds which does not pay out interest but interest accrues and is paid in a lump sum at maturity.
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