A term bond is one of a group of bonds that all share the same maturity date. This approach is usually taken by the issuer to maximize its use of investor cash. Conversely, if the issuer had sold serial bonds, it would instead have to pay back some of the bonds at an earlier date, thereby reducing the period over which it could use the cash.
The payback of a large group of term bonds at the same time can present a liquidity challenge for the issuer, which may deal with the situation by rolling over the debt into a new bond issuance.
Investors like term bonds, since they allow investors to lock in an interest rate for a long period of time.