I recently came across some discussion on the fact that "no bueno" is not gramatically correct Spanish, and generally not a phrase Spanish-speakers use, unless they find it funny. Of course, "no bueno" is just a literal translation of the common English phrase "no good". Sometimes, the phrase appears with the implied subject/verb attached: "it is no good" or "this is no good" (accompanied by a sad shake of the head, or a downcast expression).
One can of course say "It/This is not good" or for short "not good", which is unimpeachably fine grammar, but I'm not so sure on the "official grammatical status" of just "no good".
Note: there is the hyphenation "no-good", which can be used as an adjective, but that is not the usage I'm talking about in this post.