The study looked at what factors affect how easy it is to trade corporate bonds in Pakistan. They used data from Term Finance Certificates between 2009 and 2018. They found that most trades happen with big bonds that have high credit ratings. The size of the bond, its rating, interest rates, price changes, and stock market conditions all play a big role in how much trading happens. This suggests that improving the bond market and making trading easier could help investors and policymakers make better decisions.