| NOUN | possession | letter bond | a bond that has not been registered / registered with the Securities and Exchange Commission and cannot be sold to the general public |
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| Meaning | A bond that has not been registered / registered with the Securities and Exchange Commission and cannot be sold to the general public. | |
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| Broader | letter security | A stock or bond that is not registered / registered with the Securities and Exchange Commission and cannot be sold in the public market |
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