I think you mean investment bond. It is a fixed rate term instrument constructed by an investment house.
A normal bond is traded ona primary and a secondary market. You cannot trade an investment bond. An example would be a Building society. It would raise a lot of it's moneyfrom savers, but it might also issue an investment bond. Say 5% for 5 year term (redeemable). Also the National savings bonds are investment bonds. Brief explanantion (and chance to ask further questions on forum) of bonds here http://www.shareworld.co.uk/index.php?ma…
This is about corporate bonds, but it gives you an idea how bonds work
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