Bond issuers are classified into categories based on the similarities of these issuers and their characteristics. Major types of issuers include the following:

• Supranational organizations, such as the World Bank or the European Investment Bank;

• Sovereign (national) governments, such as the United States or Japan;

• Non-sovereign (local) governments, such as the state of Minnesota in the United States, the region of Catalonia in Spain, or the city of Edmonton in Canada;

• Quasi-government entities (i.e., agencies that are owned or sponsored by governments), such as postal services in many countries—for example, Correios in Brazil, La Poste in France, or Pos in Indonesia;

• Companies (i.e., corporate issuers). A distinction is often made between financial issuers (e.g., banks and insurance companies) and non-financial issuers; and

• Special legal entities that securitize assets to create ABS that are then sold to investors.