noun
over-the-counter bond
A bond traded directly between parties outside of a formal exchange. Used in financial contexts.
店頭債券は取引所を通さずに売買される。
Over-the-counter bonds are bought and sold without going through an exchange.
Compound of 店頭 (over-the-counter) and 債券 (bond). The term is a direct description of bonds traded outside formal exchanges.