Sovereign governments They issue bonds principally to cover a shortfall between taxation revenue and expenditure.
Government agencies, municipals, and local government authorities They issue bonds to fund their services and operations.
Various supranational authorities Such as the International Bank for Reconstruction and Development (IBRD, the original institution of the World Bank Group) and the International Finance Corporation (IFC, a member of the World Bank Group), engage in major bond issuance to fund lending to developing countries.
Corporations Corporations of all types and sizes use bonds as an important source of funding for their operations and activities.