What is the difference between NCDs and Bonds?

NCDs and Bonds, both are fixed income instruments. However, there are a few differences between NCD and Bonds like-

• NCDs are issued by public companies, whereas bonds are issued by government entities, large companies, and financial institutions to raise capital for the business purpose.
• Bonds are generally secured, whereas NCDs can be secured and unsecured.
• At the time of liquidation, priority to repay the debt is given first to bondholder and second to debenture holders.