If you have read the post on what a debenture is this will make more sense. But because a Canada Savings Bond is only secured by the "general credit worthiness" of the Government of Canada it is not a bond, but rather it is a Debenture. The reason for this? The "Canada Savings Debenture" is not as catchy from a marketing perspective. The Canada Savings Bond/Debenture is among the safest investments you can make – because the Government has the power to print more money if it cannot make it’s obligations – or it can raise taxes. Neither of which is really good economic policy long term, but that’s another story… :)