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C. Bond Issuers

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Traditionally, the biggest issuers of bonds have been government bodies: national governments, local or municipal government and governmental agencies and corporates. But bonds are also issued by supranational agencies – the World Bank for example – and large corporations like GEC or Siemens. These bodies borrow money to fund their activities. Governments and municipal bodies need money to spend on public goods – roads, defence, health, social security and so on. And for governments and municipal bodies – apart from taxation and selling public assets – borrowing money is one of their few options. And businesses need cash for all sort of reasons – to meet working capital shortfalls, to invest in new products, to expand into new markets and so on.