A unique municipal bond that is issued at a large discount from face value because it pays no interest until a specified date, at which time interest payments begin and continue until maturity. For example, a bond issued in 1998 and due in 2025 might begin paying interest in 2008. Essentially, a municipal convertible is a combination of a zero-coupon bond and an ordinary interest-paying bond. Municipal convertibles are traded under a variety of acronyms, including BIGS, CCAB, FIGS, GAINS, PACS, STAIRS, and TEDIS, depending on the underwriter of the particular issue.