Bond market

The market where governments, companies, and other issuers sell debt securities and investors buy and trade them. Bond prices and yields reflect interest rates, credit risk, and expected inflation.

Bond: A debt security that promises specified payments to its holder under stated terms. The bond is the instrument issued and exchanged in this market.
Government bond: A debt security issued by a national or local government to finance spending or manage public debt. Government borrowing forms a major part of bond issuance.
Public debt: The outstanding obligations accumulated by governments through borrowing and other liabilities. Government bond issuance is a principal way states finance public debt.
Money market: The market for short-term borrowing and lending instruments, generally with maturities of one year or less. Its short maturities distinguish it from much of the bond market.
Yield curve: A graph showing yields on comparable debt across different maturities at a given time. Its shape summarizes how bond markets price rates and risks over time.
Bond auction: A sale in which investors submit bids for newly issued bonds, often determining their price or yield. Governments commonly allocate new debt through auctions.
Corporate bond: A debt security issued by a company to raise financing from investors. Companies use bond markets as an alternative to bank loans and equity.
Corporate finance: The management of how companies raise, allocate, and return capital. Bond issuance gives companies a route to fund operations and investment.
Stock market: The market where shares representing ownership in companies are issued and traded. Stocks convey ownership, while bonds represent contractual lending.
Term premium: The extra yield investors require to hold a longer-term bond rather than a sequence of shorter-term bonds. It helps explain long-term yields beyond expectations for future short-term rates.

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Jay CookeNarrower topic: Cooke’s bond-selling strategy depended on reaching investors through this market.