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We investigate default-free bond markets where the standard relationshipbetween a possibly existing bank account process and the term structure of bondprices is broken, i.e. the bank account process is not a valid num\'eraire. Weargue that this feature is not the exception but rather the rule in bondmarkets when starting with, e.g., terminal bonds as num\'eraires.  Our setting are general c\`adl\`ag processes as bond prices, where we employdirectly methods from large financial markets. Moreover, we do not restrictprice process to be semimartingales, which allows for example to considermarkets driven by fractional Brownian motion. In the core of the article werelate the appropriate no arbitrage assumptions (NAFL), i.e. no asymptotic freelunch, to the existence of an equivalent local martingale measure with respectto the terminal bond as num\'eraire, and no arbitrage opportunities of thefirst kind (NAA1) to the existence of a supermartingale deflator, respectively.In all settings we obtain existence of a generalized bank account as a limit ofconvex combinations of roll-over bonds.  Additionally we provide an alternative definition of the concept of anum\'eraire, leading to a possibly interesting connection to bubbles. If we canconstruct a bank account process through roll-overs, we can relate theimpossibility of taking the bank account as num\'eraire to liquidity effects.Here we enter endogenously the arena of multiple yield curves.  The theory is illustrated by several examples.

When roll-overs do not qualify as num\'eraire: bond markets beyond short rate paradigms