A public bond; sometimes also said of a Treasury bill (tap bill). – An issue that is brought to market in separate tranches (tranches: the tap-issue has the exact same maturity and exact same coupon as the outstanding bonds, and is fungible with them; the only adjustment is that the tap bonds are placed at the current trading level) staggered over time (rather to a new bond issue, this process presents several advantages as rapid execution, since no new prospectus is needed, lower arrangement and legal costs, and increased liquidity of the existing bonds). – See issuance, continuous issuance, staggered issuance.
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