Non-convertible debentures and bonds are both fixed income instruments. That said, there are some points of difference between bonds and NCDs. 1. Bonds can be issued by government entities, companies, or other financial institutions. But NCDs are issued by public companies only. 2. Also, while bonds are generally secured, NCDs can be either secured or unsecured. 3. Lastly, when a company undergoes liquidation, bond holders get priority over NCD holders.