# Bond
A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 

## References
1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
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1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.