This chapter looked at the domestic and international bond markets. We defined and discussed the three types of bonds available to long-term debt investors: Treasury notes and bonds, municipal bonds, and corporate bonds. We also reviewed the process through which bonds trade in both primary and secondary bond markets. International bond markets have grown dramatically in recent years. We documented and offered some reasons for this growth. We concluded the chapter with a description of the different types of international bonds: the traditional foreign bonds, the relatively new Eurobonds, Brady bonds, and sovereign bonds.