bearer bond

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun A bond issued as a paper certificate without a registered owner and payable to the holder.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun law Bearer bonds are negotiable instruments that must be safeguarded by the owner to prevent loss. Interest is paid by coupon redemptions.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun a bond issued with detachable coupons that must be presented to the issuer for interest payments