Lehman Bros 6.5% Pref''d Series "F" (fka LEHFQ)

[RICK C]

This was taken from that Linc-" Lehman fell 0.1 cent to 7.4 cents as of 11:07 a.m. in over- the-counter trading after rising as much as 76 percent yesterday. The company’s Lehman’s $2.5 billion of 6.875 percent 10-year bonds due in May 2018 were unchanged at 23.25 cents on the dollar as of 11:14 a.m. in New York, according to Trace, the bond-pricing reporting system of the Financial Industry Regulatory Authority. The bond has risen from 16 cents in October 2009.---------------
My question is -What are the BONDS -That are referd too here? And what effect could this have on CT's & Preferd type shares.