DEFINITION of 'Canada Premium Bond - CPB'
A debt instrument issued by the Bank of Canada that offers a higher interest rate than a Canada Savings Bond (CSB) with the same issuance date.
BREAKING DOWN 'Canada Premium Bond - CPB'
While a Canada Savings Bond is redeemable at any time, a Canada Premium Bond is redeemable once a year. It must be redeemed either on the anniversary of the issue date or within 30 days of it.