Bonds Debentures vs. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Cashless Conversion Definition and Example Cashless conversion is the direct conversion of ownership from one ownership type to another of an underlying asset without any initial cash outlay. See SEC v. Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. The offers that appear in this table are from partnerships from which Investopedia receives compensation.