Bonds have to find buyers

What changed

• •You are funded for what sells. When you issue a bond the market buys what it can afford and trusts. You get that money now; the unsold part keeps placing turn by turn and pays in as it goes. The confirmation tells you the share the market took up front.
• •Weaker credits sell less up front. A top-rated company can place its whole issue; a distressed one places a fraction and waits.
• •Governments face a real auction. Each quarter's bond sale fills only as far as the market has cash and appetite. A poor fill counts toward a sovereign debt crisis.
• •Central banks respond. An automated central bank buys a bounded slice of an unsold government issue. A player-run one is notified and decides for itself.
• •The bond page shows units still placing.