Fixed-income markets are the lifeblood of the global economy. Access to credit—in other words, the ability to borrow money—played a major role in society’s evolution over the past 500 years and continues to support innovation for economic and social advancement today. Modern fixed-income markets are multifaceted, with lending made available in many forms (i.e., bonds and loans) and via a variety of lenders, from traditional banks to long-term investors to emerging technology companies. While the underpinnings of these markets can feel complex, understanding why they exist, how they have evolved over time and how these markets operate today is crucial to ensure they remain robust and effective going forward. […]