> It is a bearer bond, meaning anyone who presents the addendum to the issuing authority can collect the interest. The water board kept no register of ownership

> It is a bearer bond, meaning anyone who presents the addendum to the issuing authority can collect the interest. The water board kept no register of ownership of the bond. These types of bonds seem so interesting to me as they seem fraught with risk of theft,fire, and other harm. Why would I as an investor prefer this over some form of registration? Is it just to provide anonymity? Wikipedia[0] only states that benefit but then the US Treasury issued them until a few decades ago. If the only purpose is anonymity and illegal stuff, then why would a government issue them? It doesn’t seem like the demand is so high that they couldn’t issue similar debt that wasn’t bearer. Does this mean there’s some illicit gain that an issuer gets? I suppose that the percent that gets lost or destroyed would make them more attractive? It would be comical if an unscrupulous issuer actively sought out the bonds to destroy. [0] https://en.wikipedia.org/wiki/Bearer_bond https://en.wikipedia.org/wiki/Bearer_bond