By Raphaël MORENON
18 August 2025
A savings bond is a financial instrument that enables a company to finance itself by borrowing directly from investors, outside the traditional banking channels. For a long time associated with a degree of opacity, notably because of its anonymous form, its legal regime has been thoroughly modernised to adapt to the requirements of transparency and security of transactions. This article provides an overview of how it works, its legal nature and the changes that have affected this type of investment. Our firm, which specialises in banking and finance law, notes that understanding these instruments is essential for both issuing companies and subscribers. For a complete overview, it should be noted that certain specific aspects, such as the taxation of savings bonds, are dealt with in dedicated articles. The legal nature of savings bonds: a constantly evolving classification The legal classification of savings bonds has long been...
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