(1) Stock purchase warrants or option warrants. A right to purchase shares of stock, generally running for a longer period of time than the ordinary subscription rights given share-holders. These warrants are often attached to other securities, but they may be issued separately or detached after issuance. Non- detachable warrants cannot be dealt in separately from the security with which they were issued, and can be exercised only upon presentation with the original security. Option warrants are often issued in reorganizations or granted to management as additional compensation and incentive. (2) A name given to certain kinds of municipal obligations.