Final answer:
Zero coupon bonds can be issued by the U.S. Treasury, corporations, and municipalities as they all utilize bonds as a borrowing mechanism. Financial institutions are not specifically mentioned as issuers of zero coupon bonds.
Step-by-step explanation:
Zero coupon bonds can be issued by a variety of entities, including governments at different levels, corporations, and financial institutions. These entities issue bonds as a way of borrowing money from investors, promising to repay it over time along with interest. However, one of the options provided in the question is not typically associated with the issuance of zero coupon bonds.
The U.S. Treasury issues U.S. Treasury bonds, which are considered highly safe investments because the U.S. government has a long-standing history of making consistent payments. Similarly, corporations often issue corporate bonds to raise capital and are obligated to repay the amount borrowed with interest.