The date upon which the Principal of a Bond becomes due and payable to the Bond owner.

Bonds may mature as either Serial Bonds or Term Bonds, and a Bond Issue may contain both Serial Bonds and Term Bonds.  Serial Bonds mature serially over a number of years, with a specific Principal amount of Bonds maturing in each year until the entire Issue has matured. Serial Bonds are Bonds that mature in consecutive years, sometimes with a different Interest Rate for each maturity of the Bonds. Term Bonds are Bonds with a single Maturity Date and Interest Rate that are subject to Mandatory Sinking Fund Redemption (in which case portions of the Principal are selected at random and repaid on specified Interest Payment Dates prior to the Maturity Date along with the accrued and unpaid Interest for the outstanding Principal of the Term Bond according to a schedule and Principal amounts determined when the Bonds are issued).  Sometimes there are “split maturities” where Bonds mature on the same Maturity Date, but with a different Principal amount at a different Interest Rate. 

---

See Also

Principal

The face amount or par amount of a bond, not including interest, payable on its maturity date.

Serial Bonds

Maturities of a bond issue which mature in consecutive years or other shorter periods.

Term Bond

Bonds which come due on a single maturity date but which may be subject to mandatory sinking fund redemption.

Bullet Maturity

A single, fixed principal payment at maturity with no mandatory sinking fund redemption feature.