Bond market

credit marketcredit marketsdebt marketbondbond dealerfixed incomeBond exchangebond traderbond tradersbond trading
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.wikipedia
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Financial market

financial marketsmarketmarkets
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.
Trading of currencies and bonds is largely on a bilateral basis, although some bonds trade on a stock exchange, and people are building electronic systems for these as well, to stock exchanges.

Bond (finance)

bondsbondbond issue
This is usually in the form of bonds, but it may include notes, bills, and so on.
Bonds sold directly to buyers may not be tradeable in the bond market.

Debt

debtsprincipalborrowing
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.
Bonds are debt securities, tradeable on a bond market.

Primary market

bring a security issue to the marketoriginal issuesprimary
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.
Once issued, the securities typically trade on a secondary market such as a stock exchange, bond market or derivatives exchange.

Government bond

government bondsbondssovereign bond
An important part of the bond market is the government bond market, because of its size and liquidity.

Bond market index

bond indicesbond indexbond
A bond index or bond market index is a method of measuring the value of a section of the bond market.

Security (finance)

securitiessecuritydebt securities
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.

Secondary market

aftermarketsecondary tradingmarket for resale
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.

Securities Industry and Financial Markets Association

SIFMAAmerican Securitization ForumASF
As of 2017, the size of the worldwide bond market (total debt outstanding) is estimated at $100.13 trillion, according to Securities Industry and Financial Markets Association (SIFMA).

Broker-dealer

broker-dealersbroker dealerbroker/dealer
Nearly all of the average daily trading in the U.S. bond market takes place between broker-dealers and large institutions in a decentralized over-the-counter (OTC) market.

Over-the-counter (finance)

over-the-counterOTCover the counter
Nearly all of the average daily trading in the U.S. bond market takes place between broker-dealers and large institutions in a decentralized over-the-counter (OTC) market.

Stock exchange

stock exchangesexchangebourse
However, a small number of bonds, primarily corporate ones, are listed on exchanges.

Credit risk

creditworthinesscounterparty riskdefault risk
Government bonds are often used to compare other bonds to measure credit risk.

Bond valuation

resultant bond pricebelowBond Valuation — Yield To Maturity
Because of the inverse relationship between bond valuation and interest rates (or yields), the bond market is often used to indicate changes in interest rates or the shape of the yield curve, the measure of "cost of funding".

Yield curve

term structure of interest ratesterm structureConstant-maturity treasury
Because of the inverse relationship between bond valuation and interest rates (or yields), the bond market is often used to indicate changes in interest rates or the shape of the yield curve, the measure of "cost of funding".

Market liquidity

liquidityliquidilliquid
Because of the specificity of individual bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like pension funds, banks and mutual funds.

Pension fund

pension fundsretirement fundsuperannuation fund
Because of the specificity of individual bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like pension funds, banks and mutual funds.

Mutual fund

mutual fundsfundfunds
Because of the specificity of individual bond issues, and the lack of liquidity in many smaller issues, the majority of outstanding bonds are held by institutions like pension funds, banks and mutual funds.

United States

AmericanU.S.USA
In the United States, approximately 10% of the market is held by private individuals.

Institutional investor

institutional investorsinstitutionalForeign Institutional Investors

Japan

JPNJapaneseJP
The United States was the largest market with 33% of the total followed by Japan (14%).

Federal Reserve

Federal Reserve SystemUS Federal ReserveU.S. Federal Reserve
This figure is likely to have excluded the inter-governmental debts such as those held by the Federal Reserve and the Social Security Trust Fund.