Have you wondered why the recently-issued Adani Enterprises’ five-year non-convertible debenture (NCD) offers a coupon of 8.9 per cent, while a five-year fixed deposit from a PSU bank pays only about 6.5 per cent? That 2.4 percentage-point gap is not accidental—it reflects how the bond market prices risk, credit quality and liquidity.For fixed-income investors considering corporate bonds or State and Central government securities, understanding this difference is crucial. One of the most important yet lesse ...