A number of different kinds of entity can issue bonds. These include companies, public authorities and supra-national institutions. The primary market refers to the initial creation and issuing of bonds. Typically, issuers of the bonds sells an entire issue to an underwriting team, composed of one or more other securities houses or banks. They form a syndicate and re-sell the bonds to retail or professional investors. Government bonds are more likely to be sold by auction rather than by syndication.