A term widely used in UK to describe fixed interest securities issued by the state or by local authorities. Bonds may fall into various categories named for convenience 'long', 'medium' or 'short', reflecting the date at which they are redeemable (if indeed they are, for sometimes like consoles, they are not. Irredeemable bonds are normally prerogative of the central government and are incorporated into the national debt.)
In the united states and even occasionally in the UK, the term is sometimes applied to company loans, though in such an event the bonds would tend to be secured by fixed or floating charge.
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