What is the meaning of Corporate bond?

Corporate bonds are debt securities issued by publicly held corporations to raise money for expansion or other business needs. Corporate bonds typically pay a higher rate of interest than federal or municipal government bonds but the interest you earn is generally taxable. You may be able to buy corporate bonds at issue through brokers, usually at a par value of $1, 000 per bond, though you may have to buy more than one. You can buy bonds on the secondary market at their current market price, which may be higher or lower than par. You may also invest in a mutual fund that specializes in corporate bonds.