What type of bond is referred to as having no registered owner and requires coupons for payment?

The correct answer is Bearer Bonds. Bearer bonds are unique in that they do not have a registered owner; instead, they are issued in physical form and can be redeemed by whoever physically possesses them. The ownership is thus transferred by mere possession, making them somewhat akin to cash. Since they lack registered ownership, interest payments on bearer bonds are not tracked by the issuer, and holders must present coupon papers attached to the bond to receive interest payments. This coupon-based method of payment adds to the bond's anonymity, as the issuer does not maintain a record of who owns the bond or who is entitled to receive the interest.

Registered bonds, in contrast, do have a registered owner, and the issuer tracks these owners for both interest payments and maturity redemptions, leading to more formal record-keeping. Secured bonds are backed by specific assets, providing additional security to the bondholder but do not relate to ownership or coupon payment methods specifically. Convertible bonds are a type of bond that can be converted into a predetermined number of shares of the issuing company's stock, but similarly, they have registered owners rather than functioning like bearer bonds.