Debentures can be traded

Debentures can be traded. Investing in a debenture for a fixed term does not mean you are locked in for the whole period. Just like bonds, debentures can be re-sold. The price an existing debenture will attract depends on how its fixed interest rate compares to the rates being offered on new debenture issues. If rates have fallen since purchase, a debenture's resale value will be higher than what was paid for it because it offers a higher return than those available on new issues.