a government, corporation, municipality, or
agency that has issued a security (e.g., a
bond) in order to raise capital or to repay other debt; the issuer goes to an underwriter to get their securities sold in the new issue market; for certificates of deposit (CDs), this is the bank that has issued the CD; in the case of fixed income securities, the issuer of the security is the
primary determinant of the security's characteristics (e.g., coupon interest
rate, maturity, call features, etc..)
Investment grade vs. non-investment grade (high yield) Corporate
bonds are generally
rated by one or more of the three
primary ratings agencies: Standard & Poor's, Moody's, and Fitch.