The debt market allows governments and companies to raise capital by issuing bonds and debt securities. The debt market is segmented into the primary market, where new bonds are issued, and the secondary market, where existing bonds are traded. Debt markets play an important role in efficiently allocating resources in the economy and financing government development activities. Common debt instruments include loans, debentures, bonds, mortgages, and treasury bills. Participants in the debt market include issuers, investors, managers, agents and trustees, and trading infrastructure providers. While debt financing provides tax advantages and retains business control for issuers, it also requires meeting fixed payments and carries risks if collateral is provided or cash flow declines.