▁life ▁- ▁including ▁cl othing , ▁food ▁and ▁h yg iene ▁- ▁and ▁during ▁the ▁en su ing ▁Black ▁Death ▁the ▁European ▁economy ▁and ▁bond ▁market ▁were ▁de ple ted ▁even ▁further . ▁ ▁Ven ice ▁b anned ▁its ▁bank ers ▁from ▁trad ing ▁government ▁deb t ▁but ▁the ▁idea ▁of ▁deb t ▁as ▁a ▁trad able ▁instrument ▁and ▁thus ▁the ▁bond ▁market ▁end ued . ▁ ▁With ▁their ▁orig ins ▁in ▁anti qu ity , ▁b onds ▁are ▁much ▁older ▁than ▁the ▁equ ity ▁market ▁which ▁appeared ▁with ▁the ▁first ▁ever ▁joint - stock ▁corpor ation ▁the ▁Dutch ▁East ▁India ▁Company ▁in ▁ 1 6 0 2 ▁( although ▁some ▁sch ol ars ▁argue ▁that ▁something ▁similar ▁to ▁the ▁joint - stock ▁corpor ation ▁existed ▁in ▁An cient ▁Rome ). ▁ ▁The ▁first ▁ever ▁S over eign ▁bond ▁was ▁issued ▁in ▁ 1 6 9 3 ▁by ▁the ▁newly ▁formed ▁Bank ▁of ▁England . ▁ ▁This ▁bond ▁was ▁used ▁to ▁fund ▁conflict ▁with ▁France . ▁ ▁Other ▁European ▁govern ments ▁followed ▁suit . ▁ ▁The ▁U . S . A . ▁first ▁issued ▁so ver eign ▁Tre as ury ▁b onds ▁to ▁fin ance ▁the ▁American ▁Revolution ary ▁War . ▁ ▁S over eign ▁deb t ▁(" L iber ty ▁B onds ") ▁was ▁again ▁used ▁to ▁fin ance ▁its ▁World ▁War ▁I ▁efforts ▁and ▁issued ▁in ▁ 1 9 1 7 ▁shortly ▁after ▁the ▁U . S . ▁declared ▁war ▁on ▁Germany . ▁ ▁Each ▁m atur ity ▁of ▁bond ▁(