Final answer:
Bonds are issued by corporations, federal government or its agencies, and state and local governments.
Step-by-step explanation:
A bond is a financial contract through which a borrower agrees to repay the amount that it borrowed.
A bond specifies an amount that one will borrow, the amounts that one will repay over time based on the interest rate when the bond is issued, and the time until repayment.
Corporate bonds are issued by firms; municipal bonds are issued by cities, state bonds by U.S. states, and Treasury bonds by the federal government through the U.S. Department of the Treasury.