The primary market
Primary market: this is where a bond is born. An issuer (a company, PSU, or the government) sells bonds for the first time, usually through a public issue or a private placement.
Cut-offs are set through book-building or fixed-price methods, and allotment is the first time the bond reaches your demat account.
The secondary market
Secondary market: once those bonds are listed on exchanges, investors can buy and sell them between themselves. Prices move based on interest rates, credit views, and demand.
If you want a known yield held to maturity, the primary market is simpler. If you want flexibility to exit, or to buy at a discount, the secondary market is where to spend your time.
