(1)- A legal relationship between two persons whereby one of them, the creditor, may demand that the other, the debtor, perform a service or refrain from taking an action (positive obligation, negative obligation and obligation to pay a sum of money).
(2)- Financial instrument issued by a company, a public authority or the central government. It is a debt security (i.e. it represents a debt) that earns interest and is payable on a date and in an amount specified in advance. During its term, the value of a bond fluctuates upwards or downwards. Sale prior to maturity may result in capital gains or losses.
Source: Banque de France