Which is the most accurate description of a ‘Deep discounted bond’?

(a) A security issued at a price higher than its repayable amount on which interest is paid at market rates during the period of the loan.

(b) A security issued at a price lower than its repayable amount on which interest is paid at a relatively high rate during the period of the loan.

(c) A security issued at a price higher than its repayable amount on which interest is paid at a relatively low rate during the period of the loan.

(d) A security issued at a price lower than its repayable amount on which interest is paid at a relatively low rate during the period of the loan.