[Verse 1] When companies need capital fresh and new They craft their bonds for investors to pursue In primary markets, underwriters stand Investment banks with steady guiding hand They price and structure, set the terms just right Launch day approaches, bringing bonds to light [Chorus] Primary first, then secondary flows Dealers and brokers, that's how trading goes Over-the-counter, no exchange in sight Phone calls and screens make markets bright Remember the path: issue, then trade Primary to secondary, fortunes are made [Verse 2] Syndicate forms to spread the risk around Lead managers and co-leads can be found Book building starts, they gauge demand Institutional appetites across the land Roadshows commence, presentations roll Investors decide if bonds meet their goal [Chorus] Primary first, then secondary flows Dealers and brokers, that's how trading goes Over-the-counter, no exchange in sight Phone calls and screens make markets bright Remember the path: issue, then trade Primary to secondary, fortunes are made [Bridge] Once bonds are sold, the secondary starts Dealers hold inventory, playing their parts Market makers quote both bid and ask Spreads reveal their profit-making task Brokers connect but never hold the stock Electronic platforms around the clock [Verse 3] Settlement happens in two business days Clearing systems guide the payment ways Liquidity varies, some bonds trade thick Others sit quiet, moving slow like brick Corporate bonds and treasuries both Navigate markets, keeping to their oath [Chorus] Primary first, then secondary flows Dealers and brokers, that's how trading goes Over-the-counter, no exchange in sight Phone calls and screens make markets bright Remember the path: issue, then trade Primary to secondary, fortunes are made [Outro] From issuance fresh to trading worn Bond markets function from night until morn Primary launches, secondary sustains Two-market system where profit remains
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