VAF is a large publicly traded company. In order to finance an ambitious new investment project, the company wishes to issue a bond in the amount of EUR 10 million. The bonds to be issued have the following characteristics

- Maturity : 4 years

- Face value: 2000

- Coupon rate : 3

- Frequency: 2 (semi-annual)

- Credit rating according to S&P: A

- Spread of the A rating: 1%.

The actuarial yield of the 4-year government bonds is 6%.

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