how bonds are issued and registered today
unlike the bearer bonds of the past bonds are registered and tracked nearly all securities are now issued in book entry form meaning that they are registered in the investor s name electronically no physical certificate is issued a registrar or transfer agent is responsible for tracking the name of each registered stock or bond owner this ensures that bond owners receive all interest payments due and that stockholders receive their cash or stock dividends every time a book entry security is sold a transfer agent or registrar changes the name of the registered owner obviously this system is highly automated or it would collapse 