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Bond Markets: Issuance RD tee rete te ses Seni oz cosorcone ea This chapter will take you through the first stage of the trade life cycle of @ bond instrument. It will cover the issuance process for a bond. We shall follow the same format as in equity markets. The concepts that are generic and overlap with equity markets will not be repeated. _(~ Oh! The fiscal deficit is going up again. ) — HowdoTmanage ~)_/ = this? 2 Those of you who follow the budget will note that, at the end of it, the Financ« Minister has one key objective: that is, to keep the fiscal deficit under che The fiscal deficit simply put, is the difference between the earnings and the expenses of the government. 5 [ Revenueof ) _, [Expenses of = |__ Government Government (‘Government _]