Bearer: Bonds issued with coupons attached to be mailed to the issuer for each interest payment. Securities are no longer issued in this format, but instead are issued as registered bonds or book entry.

Registered: All new bond issues must be registered with the issuer, and are available as either Registered Bond Certificates or Book Entry. Holders of Registered Bond Certificates receive a certificate with a brief description of the terms printed on both sides. Interest payments are received automatically to the registered owner on the due date.

Book Entry: In lieu of receiving the Registered Bond Certificate, securities are frequently available in Book Entry Form. The certificate is held by a central securities depository, and the investor receives only a receipt as evidence of ownership instead of an engraved certificate. The bond will be held in the account at the financial institution.