Four main categories of bond issuers.
- 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 of all types and sizes use bonds as an important source of funding for their operations and activities.