Secondary market

Secondary market — where already-issued securities change hands between investors, as opposed to the primary market where the issuer sells them new (an RTB offering, an IPO). For PH government bonds this means PDEx, reached through a GSED broker, Bonds.PH, or a bank treasury desk — quotes come as yield-to-maturity, liquidity is imperfect, and retail-size trades pay a wider bid-ask spread. The secondary market is what makes an RTB more liquid than a time deposit — and what the ladder strategy deliberately never depends on.

First used in: 2.3 · Bonds and the peso ladder