Bound, we're told, to be celebrated (5)
I believe the answer is:
feted
'be celebrated' is the definition.
(I've seen this in another clue)
'bound we're told' is the wordplay.
'bound' becomes 'fated' (synonyms).
'we're told' shows a homophone (sound like).
'fated' is a homophone of 'FETED'.
'to' is the link.
(Other definitions for feted that I've seen before include "Wined and dined, celebrated" , "Wined, dined and honoured" , "Honoured lavishly" , "Lionised" , "Honoured with festivities" .)