What financial instrument typically provides no regular interest payments until maturity?

A zero coupon bond is a type of financial instrument that is issued at a discount to its face value and does not make periodic interest payments, commonly referred to as "coupon payments." Instead, the investor receives a single payment at maturity, which consists of the bond's face value. This structure allows the bond to accumulate interest implicitly over the bond's life, as the difference between the purchase price and the face value represents the interest earned.

Regular bonds, in contrast, typically pay periodic interest payments throughout their life. Callable bonds also provide regular interest payments, but they include the option for the issuer to redeem the bond before its maturity date at predetermined conditions. Debt securities is a broad category that encompasses various types of debt instruments, including regular and callable bonds, but does not specifically denote zero coupon bonds. Thus, the defining characteristic of zero coupon bonds—providing no regular interest payments until maturity—makes it the correct answer in this context.