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One of the most important asset classes for investors are fixed-income securities that consist of debt obligations, or bonds, and preferred stock. In simple terms, a fixed-income security is a financial obligation in which the borrower agrees to pay specified sum of money at specified dates. This transaction involves different groups that comprise the bond markets: issuers, underwriters, and purchasers. The entity issuing the debt obligation is the borrower in the transaction. Some of the biggest issuers in the bond market are (1) as the U.S. government and the government of U.K.; (2) government-related agencies, such as Fannie Mae and Freddie Mac; (2) such Fee , such as the state of Issuer Underwriter Purchaser California, Sakai City, Japan; (3) such as British Telecom, and The Walt Disney Co. and (4) , such as the European Investment Bank and the World Bank