The bond market is a part of the long-term debt market: it is the market for marketable long-term debt; i.e. debt that is issued in the form of trad-able securities. Few borrowers are able to access this market, mainly because of the demands of the lenders in terms of credit risk, marketability, etc. (this will become clearer as we progress this discussion). Formally, we define the bond market as:
The bond market is the mechanism / conventions that exist for the issue of, investing in, and the trading of instruments that represent the long-term undertakings (usually of a fixed capital nature) of the issuers.