bond
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bond
Bibliography
See L. A. Jones, Bonds and Bond Securities (4th ed., 4 vol., 1935–50); T. R. Atkinson, Trends in Corporate Bond Quality (1967); A. Rabinowitz, Municipal Bond Finance and Administration (1969); H. D. Sherman and R. E. Schrager, Junk Bonds and Tender Offer Financing (1987); D. R. Nichols, The Personal Investor's Complete Book of Bonds (1988).
Bond

basketweave bond

bull header bond
bull stretcher bond
chain bond

common bond
course
cross bond

diagonal bond

dogtooth course



Dutch bond
English bond

Flemish bond
Flemish diagonal bond

header bond
herringbone bond
raking bond

running bond
skintled bond

soldier bond


stack bond


timber bond
Bond
a security that conveys to its bearer the right to income computed at a fixed percentage rate. The entity issuing the bond assumes the obligation to redeem it over a prescribed period of time by paying income to the bearer of the bond, either through winnings allocated in special lottery drawings or through the reimbursement of coupons.
In the USSR, the right to issue bonds for domestic borrowing belongs solely to the state. The bond embodies a special form of obligation under civil law, one by which the state is the debtor and the citizen placing money at the disposal of the state is the creditor. The bonds currently in circulation are 3 percent lottery bonds, issued for a 20-year term in 1966. Income is paid to bondholders in the form of lottery winnings. The bonds are freely bought and sold by savings banks; their selling prices are set by the Ministry of Finance of the USSR, and they are purchased at face value. Various transactions relating to trusts, gifts, and bequests may also be carried out using bonds. Bonds may be presented for redemption throughout the period in which they are in force and during an additional grace period of 18 months. On expiration of this period, bonds that have not been presented for redemption lose their force. Bonds and cash winnings derived from them are tax exempt.
In the capitalist countries, bonds are issued both by joint-stock companies and by the state. As a form of paper security, bonds circulate freely through the capital market at a quoted price that is determined by their yield, by the general interest rate, and by overall factors of supply and demand. The state uses the capital mobilized through the sale of its bonds primarily to cover budget deficits that result from enormous nonproductive expenditures, above all expenditures on the arms race. The debt formed from the sale of bonds and the payment of interest is repaid primarily through taxes that are collected for the most part from the working people. The profits of joint-stock companies provide the source of the interest paid on their bonds.
O. I. LAVRUSHIN and A. IU. KABALKIN