A bond for which physical possession of the certificate is proof of ownership; the issuer does not know the identity of the bondholder. – This contrasts with the registered bond (registered bond: a bond for which the issuer keeps a record [register] of ownership; transfer of ownership must be notified and recorded in the register). – A hybrid form is the registered share with owner clause, which is legally an order paper. – In a slightly different sense, this is a paper which the owner keeps in physical form. On the due date of interest payments, he separates the coupon and presents it for redemption to the issuer or the agent bank (a bond that is held in physical form by the owner, who receives interest payments by separating coupons from the bond certificate and delivering them to the issuer or the agent bank). – See discount paper, share, bond, bank bond, duration, financial instrument, endorsement, debt instrument, debenture, death spiral, draw, convertible bond.
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