The bond includes warrants that give the owner the right to buy more of the same 20-year bonds in a year at a set price.

Other bonds include options to purchase electricity or even top-of-the-line bicycles.

A number of websites now exist that sell old stocks and bonds to include scripophily.com and oldstocks.com.

If the bond includes embedded options, the valuation is more difficult and combines option pricing with discounting.

Longer-term bonds included issues yielding 5.63 percent in 2013 and 2017 and 5.760 percent in 2018.

But the bonds would include a backup source for debt service payments if the tobacco settlement payments evaporate.

Other long bonds include one due in 2010 and another in 2012, both offered at prices to yield 6.85 percent.

Other long bonds include an issue due in 2008 that is priced to yield 6 percent.

The "interest-only" bonds would include only the interest payments of the underlying pool of loans.

Other long-term bonds include an issue due 2005 at a price to yield 7.875 percent.