Meaning of “undated security” in the English Dictionary

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"undated security" in Business English

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undated securitynoun [ C ]

uk us

a bond, etc. that pays interest but that will never be redeemed (= exchanged for cash):

The market for these undated securities was battered, with losses estimated at $400 million.

(Definition of “undated security” from the Cambridge Business English Dictionary © Cambridge University Press)