income bond

Definition

A bond that promises to pay interest only when earned by the issuer; failure to pay interest does not result in default.

Use income bond in a sentence

You should try and invest in a good income bond that will be a nice steady earner for you over time.

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The income bond was not collecting interest so we cashed it in with out penalty or default, and went on vacation.

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The income bond was something that promised to pay interest and that was something that I took advantage of right away.

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