What is Bearer Bond?

Legal Definition
A bearer bond is a bond or debt security issued by a business entity such as a corporation, or a government. As a bearer instrument, it differs from the more common types of investment securities in that it is unregistered – no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the paper on which the bond is issued owns the instrument. This is useful for investors who wish to retain anonymity. Recovery of the value of a bearer bond in the event of its loss, theft, or destruction is usually impossible. Some relief is possible in the case of United States public debt.
-- Wikipedia
Legal Definition
A bond with no owner name on the record. The interest is paid to the party with the coupons. The principal is paid to the party redeeming it. The ownership passes simply by hand just like money. Refer to registered bond.