What is the difference between a primary market and a secondary market for bonds?

What is the difference between a primary market and a secondary market for bonds?

The primary market for bonds is where new bonds are issued and sold for the first time by the issuer, such as a government or corporation. In this market, the issuer receives the proceeds from the sale of the bonds. On the other hand, the secondary market for bonds is where previously issued bonds are bought and sold among investors. In this market, the transactions involve the transfer of ownership of existing bonds, and the proceeds from the sale go to the selling investor rather than the issuer.