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(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