European fixed income markets play a critical role in providing funding for corporates and governments. The purpose of this document is to provide an educational overview of the current EU fixed income market size and structure. We examine how these markets serve corporates and sovereigns, differentiating between fixed income and equity market practices, types of fixed income investors and ways of transacting trades. We evaluate the relationship between liquidity and transparency, electronic trading compared to voice, and conclude with a focus on future developments.