The blank choices, in order, are:

A: Coupons/bond price

B: Bond price/par value

And then...

municipal governments/supranational banks/central governments

corporations/municipal governments/supranational banks

corporations/central governments/supranational banks

supranational banks/central governments/corporations

The value of fixed-income securities: What does it means for the issuer and the investor? 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. Fee Issuer Underwriter Purchaser B The entity issuing the debt obligation is the borrower in the transaction. Some of the biggest issuers in the bond market are (1) , such as the U.S. government and the government of U.K.; (2) government-related agencies, such as Fannie Mae and Freddie Mac; (2) , such as the state of 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