Bond

Generic name for a tradable, long-term debt security raised by a borrower who agrees to make specific payments, usually regular payments of interest and repayment of principal on maturity. (See also treasury bond, euro bond, gilt-edged stock.)

Bearer security

A security for which evidence of ownership is provided by possession of the security's certificate. The issuer keeps no record of ownership. A euro bond is generally issued in bearer form. It was common for the US Treasury and municipal authorities to issue bearer bonds too. However, in order to combat money \ laundering this was made illegal in 1983.