VAF is a large company listed on the stock exchange. In order to finance an ambitious new investment project, the company wishes to issue a bond loan of 10 million. The bonds to be issued have the following characteristics :

- Maturity: 4 years

- Face value: 2000 .

- Coupon rate: 3%.

- Frequency: 2 (half-yearly)

- Credit rating according to S&P: A

- Spread of A rating: 1%.

The actuarial yield on government bonds with a 4-year maturity is 3%.

How many bonds must the company issue when raising funds on the bond market?