An instrument that pays a fixed amount of interest to the holder.

A bond is a debt instrument in which the issuer promises to pay to the bondholder principal and interest according to the terms and conditions of the bond.
Most bonds have a maturity date. Bonds are attractive to investors becasue they can usually be bought and sold easily. A certificate issued by the borrower as receipt for a loan longer than 12 months, indicating a rate of interest and date of repayment.

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