In context of corporate bonds, a secured bond is backed by:

A secured bond is defined by its backing with specific assets. This means that in the event of default, bondholders have a legal claim to the assets that were pledged as collateral. This security provides a layer of protection for investors, making secured bonds generally considered less risky than unsecured bonds, which are not backed by any specific assets. The specific assets could be real estate, equipment, or other tangible assets that can be liquidated to repay bondholders if the company fails to meet its obligations.

Options referring to future cash flows and annual revenues pertain to the potential income generated by the company rather than any tangible assets that can be claimed. Government guarantees typically apply to certain types of securities, like Treasury bonds, and are not applicable in the context of corporate bonds. Hence, the backing of secured bonds with specific assets offers investors greater security and confidence in their investment.