In international legal thought, Odious debt is arrearage Debt Consolidation that is incurred by a regime for purposes that do not serve the absorption of the state. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state.

A bond is a IOU security issued by believing institutions such as companies and governments. A bond entitles the holder to repayment of the principal sum, oversupply interest. Bonds are issued to investors in a marketplace when an institution wishes to borrow money.