coupon bond

A debt obligation with coupons attached that represent semiannual interest payments. Also known as a "bearer bond".

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No record of the purchaser is kept by the issuer, and the purchaser's name is not printed on the certificate.

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Bond issued with detachable coupons that must be presented to a paying agent or the issuer for semiannual interest payment. These are bearer bonds, so whoever presents the coupon is entitled to the interest. Once universal, the coupon bond has been gradually giving way to the Registered Bond some of which pay interest through electronic transfers. See also Book-Entry Securities; Certificateless Municipals; Coupon.

The noun has one meaning:

Meaning #1: a bond issued with detachable coupons that must be presented to the issuer for interest payments
  Synonym: bearer bond