Bearer Security
This is a bond or share for which there is no proof of ownership other than the physical possession of the security.
No official record or register of ownership is kept, the owner is the "bearer" of the share or bond certificate. Such certificates are easily traded without formality.
If you own bearer securities, look after them!
No dividend is paid to such shares and no interest paid to such bonds .
Instead, the certificate will have several coupons attached. These must be physically removed from the certificate and presented to the originating company for payment of any dividend or interest to be made.