A bond that gives the issuer an option (during an initial period) either to make coupon payments in cash or in the form of additional bonds .
PAYMENT-IN-KIND (P.I.K.) BOND
Meaning of PAYMENT-IN-KIND (P.I.K.) BOND in English
Campbell R. Harvey. Hypertextual finance English glossary. Английский словарь гипертекстовых финансов. 2012