两者均有“债券”的含义。bond为通用语，但与debenture (也称为debenture bond)在一起时多指具有抵押担保的“担保债券”；其偿还期限一般较长，常为国家或政府（包括外国）等机构发行[1]。公司也可发行bond，如公司发行的债券是无担保或抵押的债券（unsecured bond)时其则被称为debenture[2]; 由此可知，debenture是一种不具备抵押担保，属于无担保债务票据 “unsecured debt instruments”之承诺债务的凭证，故有人也将其译为“信用债券”或“无抵押担保债券”。在美国，debenture 通常只能由三种公司发行 (具有部分有形资产的服务公司 “service corporation”、大的蓝筹码公司 “large, blue-chip companies”、以其所有资产为按揭抵押之公司“corporations that have mortgaged all their available assets” ) [3]; 但有时 debenture 也可以由任何个人发行，故其不宜纯粹译为“公司债券”。debenture 常可转换为公司的股票[4]。
 
[1] "A long-term, interest-bearing debt instrument issued by a corporation or governmental entity usu. to provide for a particular financial need； esp. ， such as instrument in which the debt is secured by a lien on the issuer's property. " Cf. Bryan A. Gamer, Black's Law Dictionary, 7th edition, at p. 172, West Group (1999).
[2] "Corporation bonds may be unsecured (debenture) or secured by the assets of the corporation. ”Cf. Douglas Creenwald, The Concise McGraw-Hill Dictionary of Modern Economics, 3rd edition, at p. 29, McGraw-Hill Book Inc. (1984).
[3] Id. at p. 89.
[4] "Debentures are often convertible to stocks. ”Cf. Linda Picard Wood, J. D. Merriam Webster's Dictionary of Law, at p. 122, Merriam-Webster, Incorporated Springfield, Massachusetts (1996).