The spell Rary's Telepathic Bond (PHB, 270; the SRD version of the spell is Telepathic Bond) allows targets to communicate telepathically for 1 hour, regardless of common languages or distance.
You forge a telepathic link among up to eight willing creatures of your choice within range, psychically linking each creature to all the others for the duration. Creatures with Intelligence scores of 2 or less aren’t affected by this spell.
Until the spell ends, the targets can communicate telepathically through the bond whether or not they have a common language. The communication is possible over any distance, though it can’t extend to other planes of existence.
Is it possible for someone/something other than the targets to hear this telepathy as well?
As an example, if a mind flayer was near one of the targets, would the illithid be able to hear all of the telepathic conversations, or just the outgoing messages sent by the target? Or none at all?