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A promise on the part of the issuer (i.e. the borrower) to make one or more payment(s) to the holder (the lender) at a specified future date or dates. Such securities usually carry a specific rate of interest (the coupon) and/or are sold at a discount to the amount that will be repaid at maturity.

Source Publication:
European Central Bank, 2004, Annual Report: 2004, ECB, Frankfurt, Glossary.

Statistical Theme: Financial statistics

Created on Wednesday, July 13, 2005