第一个有记录的公共债券起源于1150年的1月，当局以市场中商贩们的税收为抵押，从投资者那里筹集了400里拉。

The first recorded public bond is dated January 1150 when the municipality raised 400 lire by granting to investors the tax revenue raised from stallholders in the marketplace.

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What these do is they insure the bond-- they insure the investor against the municipality failing to pay on the bond.

他们的业务是为市政债券保险,他们确保政府当局,有能力向投资者进行赔付

耶鲁公开课 - 金融市场课程节选