What’s the primary market and secondary markets?
The primary market is where the first tranche of an Investment Note are made available to investors (similar to an Initial Public Offer (IPO)). These are issued at par i.e. one unit will be worth £1. Once the investment date has passed the Investment Note will be available to buy and sell on the secondary market similarly to stocks and shares. In the secondary market the price of the investment can go down as well as up.