Bonds vs debentures
A debenture is a debt instrument issued by a company. In India, you'll most often see NCDs (Non-Convertible Debentures) listed on exchanges.
Functionally similar to bonds, but the legal definition and the typical issuer differ — corporate issuers favour debentures; sovereigns issue bonds.
Secured vs unsecured
Secured debentures are backed by specific assets; unsecured ones rank below secured creditors in a default scenario.
The distinction matters when you're comparing two issues at the same yield — the secured one is almost always the safer choice.
