Which bonds have not been issued as bearer bonds for over two decades but still exist on the secondary market?

Bearer bonds are a type of bond that is owned by whoever physically holds the bond certificate, allowing for anonymity in ownership. For several decades, bearer bonds were popular instruments in the bond market. However, due to concerns over money laundering and tax evasion, regulations have shifted away from allowing new issues of bearer bonds, leading to their general obsolescence in recent years.

Although new bearer bonds have not been issued in over two decades, existing bearer bonds from previous issues still exist on the secondary market. Investors can buy and sell them, as they remain valid instruments despite the cessation of new issuance. This quality of bearer bonds makes them a unique category among the choices presented, as they directly address the question of existence in the secondary market without the production of new bonds.

In contrast, other options represent types of bonds that either have not been issued as bearer bonds or are subject to different issuance guidelines under current laws. Understanding the distinction between bearer bonds and other forms of bond issuance helps clarify why the focus on existing bearer bonds provides an accurate answer to the question.