Private debt belongs to corporate bonds or corporate bonds.

Corporate bonds. Private debt refers to a kind of corporate bond issued and transferred by small and medium-sized enterprises in China in a non-public way, and the principal and interest are scheduled to be repaid within a certain period of time, which belongs to corporate bonds. Bonds are bonds issued by enterprises in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. Corporate bonds represent the creditor-debtor relationship between issuers and investors.