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bearer bond

   Also found in: Dictionary/thesaurus, Wikipedia, Hutchinson 0.03 sec.
Bearer bond
Bonds that are not registered on the books of the issuer. Such bonds are held in physical form by the owner, who receives interest payments by physically detaching coupons from the bond certificate and delivering them to the paying agent.
bearer bond
A debt instrument that does not have an owner name listed in the issuer's books or inscribed on the certificate. Because no record of ownership exists, bearer bonds are favored by investors who, illegally, want to avoid paying gift, estate, and local taxes. The issuance of new municipal bonds in bearer form was prohibited beginning in 1983. Also called coupon bond. See also coupon clipping.


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However, this provision raises the same issue as with TINs: when an exempt bearer bond is sold through a broker or redeemed, the gross proceeds will be (and always have been) subject to information reporting and backup withholding (unless the holder is foreign or an exempt recipient).
Information reporting for 2006 exempt interest by Levy, Marc / The Tax Adviser
Definitive municipal securities are registered or bearer bonds that have been issued by state and local governments with interest coupons in certificated or physical form.
Proposal to discontinue services for definitive municipal securities by Federal Reserve Bulletin
Meanwhile, two-thirds of the bondholders must approve any restructuring and those bonds, Young said, are bearer bonds traded on the Luxembourg exchange.
Top creditors express confidence in Rock Ctr by Weiss, Lois / Real Estate Weekly
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