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TeachMeFinance.com - explain Exchequer bond historic definition... Exchequer bond -- A security issued by the British government representing a part of the unfunded debt ; it is of a more permanent character than a Treasury bill inasmuch as it runs for a longer period. Principal and interest are paid out of the consolidated fund. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.