Synthetic zero-coupon bond ($P(t,T)=S_t/F_t^T$)

For a non-dividend-paying stock, buy $1/F_t^T$ shares and short a forward contract for the same number of shares at its fair delivery price $F_t^T>0$. The combined payoff is one at $T$, and the initial cost is $S_t/F_t^T$. This replicates a unit zero-coupon bond without initially assuming an independently traded bank account. A single maturity quote determines that discount factor; it does not determine the entire future short-rate process.