ants ▁Bond ▁market ▁participants ▁are ▁similar ▁to ▁participants ▁in ▁most ▁financial ▁mark ets ▁and ▁are ▁essentially ▁either ▁buy ers ▁( de bt ▁iss uer ) ▁of ▁funds ▁or ▁sell ers ▁( inst itution ) ▁of ▁funds ▁and ▁often ▁both . ▁ ▁Part icip ants ▁include : ▁Institution al ▁invest ors ▁Govern ments ▁Trad ers ▁Ind ividual s ▁ ▁Because ▁of ▁the ▁specific ity ▁of ▁individual ▁bond ▁issues , ▁and ▁the ▁lack ▁of ▁liquid ity ▁in ▁many ▁smaller ▁issues , ▁the ▁majority ▁of ▁out standing ▁b onds ▁are ▁held ▁by ▁institutions ▁like ▁p ension ▁funds , ▁banks ▁and ▁mut ual ▁funds . ▁In ▁the ▁United ▁States , ▁approximately ▁ 1 0 % ▁of ▁the ▁market ▁is ▁held ▁by ▁private ▁individuals . ▁ ▁Size ▁ ▁Am ount s ▁out standing ▁on ▁the ▁global ▁bond ▁market ▁increased ▁by ▁ 2 % ▁in ▁the ▁twelve ▁months ▁to ▁March ▁ 2 0 1 2 ▁to ▁nearly ▁$ 1 0 0 ▁tr ill ion . ▁Dom estic ▁b onds ▁account ed ▁for ▁ 7 0 % ▁of ▁the ▁total ▁and ▁international ▁b onds ▁for ▁the ▁remainder . ▁The ▁United ▁States ▁was ▁the ▁largest ▁market ▁with ▁ 3 3 % ▁of ▁the ▁total ▁followed ▁by ▁Japan ▁( 1 4 %). ▁As ▁a ▁proportion ▁of ▁global ▁G DP , ▁the ▁bond ▁market ▁increased ▁to ▁over ▁ 1 4 0 % ▁in ▁ 2 0 1 1 ▁from ▁ 1 1 9 % ▁in ▁ 2 0 0 8 ▁and ▁ 8 0 % ▁a ▁de cade ▁earlier . ▁The ▁considerable ▁growth