A bond that is payable to several creditors, unconnected in interest or by judgment. In other words, such a bond has two or more obligors or it is guaranteed by a party other than the issuer. This means that in case of a default, the bondholders have the right to call upon the assets of all the obligors (since the bond constitutes a liability to multiple obligors or guarantors).
Joint-and-several bonds are commonly used by parent companies to guarantee the bonds issued by a subsidiary.
A joint-and-several bond is also known as a joint bond.
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