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A bond is long term contract between a saver and borrower that sets payments of interest and principal on specific dates, and conditions governing the contract. The bond issuer/borrower is usually business, government or other institution. The most common types of bonds are:

Treasury Bonds

Treasury bonds are issues by the federal government, often called government bonds

Corporate Bonds

Corporate bonds are issued by corporations

Municipal Bonds

Municipal bonds are issued by state and local governments, often called "munis"

Foreign Bonds

Foreign bonds are bonds issued by foreign governments or foreign businesses