issuer

A state, political subdivision, agency, authority or corporation that borrows through the sale of bonds or notes. The public entity is the ?issuer? even in those cases where the actual source of the money to pay debt service is to be an entity other than the issuer.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.