# Government bond

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{{short description|Bond issued by a government}}
{{Redirect|Government investment|investment by governments|Government spending}}

thumb|U.S. government bond: 1976 8% Treasury Note|upright=1.2
A '''government bond''' or '''sovereign bond''' is a form of [bond](/source/Bond_(finance)) issued by a [government](/source/government) to support [public spending](/source/government_spending).<ref>{{cite web |title=Bonds and Yields |url=https://www.imf.org/en/Publications/fandd/issues/2025/03/back-to-basics-bonds-and-yields-s-ali-abbas |website=IMF |access-date=29 August 2025 |language=en}}</ref> It generally includes a commitment to pay periodic [interest](/source/interest), called [coupon payments](/source/Coupon_(finance))'','' and to repay the face value on the [maturity](/source/Maturity_(finance)) date.<ref>{{cite web |title=Bonds |url=https://corporatefinanceinstitute.com/resources/fixed-income/bonds/ |website=Corporate Finance Institute |access-date=29 August 2025}}</ref> The ratio of the annual interest payment to the current market price of the bond is called the [current yield](/source/current_yield). The yield tends to decrease when the [government budget balance](/source/government_budget_balance) improves.<ref name="l377">{{cite journal | last1=Ciżkowicz | first1=Piotr | last2=Ledóchowski | first2=Michał | last3=Rzońca | first3=Andrzej | title=Fiscal policy and government bond yields: New evidence from the EU | journal=Economic Modelling | volume=147 | date=2025 | doi=10.1016/j.econmod.2025.107054 | article-number=107054 | url=https://linkinghub.elsevier.com/retrieve/pii/S0264999325000495 | access-date=2026-05-19| url-access=subscription }}</ref>

For example, a bondholder invests $20,000, called face value or principal, into a ten-year government bond with a 10% annual coupon; the government would pay the bondholder 10% interest ($2000 in this case) each year and repay the $20,000 original face value at the date of maturity (i.e. after ten years).

Government bonds can be denominated in a foreign [currency](/source/currency) or the government's domestic currency.<ref name="ECB foreign currency bonds overview">{{cite web |title=An overview of trends in bond market issuance denominated in foreign currency |url=https://www.ecb.europa.eu/pub/pdf/ire/article/ecb.ireart201407_03~4f1cfe9386.en.pdf |website=European Central Bank |access-date=29 August 2025}}</ref> Countries with less stable economies tend to denominate their bonds in the currency of a country with a more stable economy (i.e. a [hard currency](/source/hard_currency)).<ref name="ECB foreign currency bonds overview" />  International [credit rating agencies](/source/Credit_rating_agency) provide ratings for each country's bonds.<ref>{{cite journal |last1=Amstad |first1=Marlene |last2=Packer |first2=Frank |title=Sovereign ratings of advanced and emerging economies after the crisis |journal=BIS Quarterly Review |date=6 December 2015 |url=https://www.bis.org/publ/qtrpdf/r_qt1512h.htm |access-date=29 August 2025 |language=en}}</ref> Bondholders generally demand higher yields from riskier bonds; for example, during the [Greek government-debt crisis](/source/Greek_government-debt_crisis), the [spread](/source/Yield_spread) (difference) in yields between two and ten-year Greek and German government bonds peaked at 26,000 and 4000 [basis point](/source/basis_point)s, respectively.<ref>{{cite journal |last1=Gibson |first1=Heather D. |last2=Hall |first2=Stephen G. |last3=Tavlas |first3=George S. |title=Fundamentally Wrong: Market Pricing of Sovereigns and the Greek Financial Crisis |journal=Journal of Macroeconomics |date=March 2014 |volume=39 |pages=405–419 |doi=10.1016/j.jmacro.2013.08.006}}</ref> Governments close to a [default](/source/Default_(finance)) are sometimes referred to as being in a [sovereign debt crisis](/source/sovereign_debt_crisis).<ref>{{Cite web |url=http://www.businessdictionary.com/definition/sovereign-debt.html |title=What is Sovereign Debt |access-date=2014-08-02 |archive-date=2020-07-02 |archive-url=https://web.archive.org/web/20200702202344/http://www.businessdictionary.com/definition/sovereign-debt.html }}</ref><ref>{{Cite web |url=http://www.macauhub.com.mo/en/2014/07/01/portugal%e2%80%99s-sovereign-debt-totals-132-9-pct-of-gdp-at-the-end-of-1st-quarter/ |title=Portugal sovereign debt crisis |archive-url=https://web.archive.org/web/20140810002458/http://www.macauhub.com.mo/en/2014/07/01/portugal%e2%80%99s-sovereign-debt-totals-132-9-pct-of-gdp-at-the-end-of-1st-quarter/ |archive-date=2014-08-10 |access-date=2014-08-02}}</ref>

==History==
{{Financial markets}}

One of the first assets resembling government bonds were the forced loans, or ''prestiti'', that the [Republic of Venice](/source/Republic_of_Venice) first issued in 1172 to fund wars and defence spending.<ref>{{cite web |title=The Death of Liquidity |url=https://www.morningstar.com/portfolios/death-liquidity |website=Morningstar, Inc. |access-date=30 August 2025 |language=en |date=16 May 2019}}</ref> These paid a nominal interest rate of 5% per year on the face value, in two half-yearly instalments, and could be sold in the open market for a lump sum.<ref>{{cite journal |last1=Lewin |first1=C. G. |title=The emergence of compound interest |journal=British Actuarial Journal |date=2019 |volume=24 |doi=10.1017/S1357321719000254 |url=https://www.cambridge.org/core/journals/british-actuarial-journal/article/emergence-of-compound-interest/799CB1D40CDD46F3010767BFC60F24DB |access-date=30 August 2025|doi-access=free }}</ref>

In 1694, [William III of England](/source/William_III_of_England) used a syndicate of 1268 investors to purchase debt to fund the [Nine Years' War](/source/Nine_Years'_War).<ref name="BoE_History">{{cite book |url=https://www.bankofengland.co.uk/-/media/boe/files/archive/publications/history-and-functions.pdf |title=The Bank of England: History And Functions |publisher=The Bank of England Archive |year=1970 |location=Debden Loughton Essex |pages=3–4 |id=G15/634 |access-date=August 30, 2025}}</ref><ref>{{cite web |title=Index to Original Subscribers to Bank Stock 1694 |url=https://www.bankofengland.co.uk/archive/index-to-original-subscribers-to-bank-stock-1694 |website=www.bankofengland.co.uk |access-date=30 August 2025 |language=en}}</ref> This syndicate was granted a [Royal charter](/source/Royal_charter), becoming the [Bank of England](/source/Bank_of_England).<ref name="BoE_History" /> Much of the initial debt issuance by the English government took an unconventional form by current standards, including [annuities](/source/Annuity) and lotteries as parts of their design, but alongside these were a number of [perpetual bonds](/source/perpetual_bonds) offering different coupon rates, and by 1752 these perpetual bonds were consolidated ([consols](/source/consol_(bond))) in a smaller number of distinct stocks offering fixed coupon payments, and the bond market took a more recognisably modern form.<ref>{{cite web |last1=Ellison |first1=Martin |last2=Andrew |first2=Scott |title=Managing the UK National Debt 1694-2017 |url=https://www.lse.ac.uk/CFM/assets/pdf/CFM-Discussion-Papers-2017/CFMDP2017-27-Paper.pdf |website=London School of Economics and Political Science |publisher=LSE |access-date=30 August 2025 |date=2017}}</ref>

In the United States of America, bonds date back to the [American Revolution](/source/American_Revolution), where private citizens purchased US$27 million of government bonds to help finance the war.<ref>{{cite web |title=A History of the United States Savings Bonds Program |url=https://www.treasurydirect.gov/files/research-center/history-of-savings-bond/history-sb.pdf |website=treasurydirect.gov |publisher=US Treasury |access-date=30 August 2025}}</ref><ref>{{cite web |title=Fiscal Data Explains U.S. Treasury Savings Bonds |url=https://fiscaldata.treasury.gov/treasury-savings-bonds/ |website=fiscaldata.treasury.gov |access-date=30 August 2025 |language=en}}</ref> Today, the market for US government bonds (known as [US Treasury securities](/source/United_States_Treasury_security)) is the largest and most liquid market for government securities in the world,<ref>{{cite web |last1=Grothe |first1=Magdalena |last2=Manu |first2=Ana-Simona |last3=McQuade |first3=Peter |title=US Treasury market conditions and global market reactions to US monetary policy |url=https://www.ecb.europa.eu/press/economic-bulletin/focus/2024/html/ecb.ebbox202308_01~352236489b.en.html |access-date=30 August 2025 |language=en |date=11 January 2024}}</ref> averaging $900bn in transactions per day.<ref>{{cite web |last1=Liang |first1=Nellie |title=What's going on in the US Treasury market, and why does it matter? |url=https://www.brookings.edu/articles/whats-going-on-in-the-us-treasury-market-and-why-does-it-matter/ |website=Brookings}}</ref>

==Risks==

===Credit risk===
A government bond in a country's own currency is strictly speaking a [risk-free bond](/source/risk-free_bond), because the government can if necessary [create additional currency](/source/Money_creation) in order to redeem the bond at [maturity](/source/Maturity_(finance)).<ref>{{cite journal |last1=Krugman |first1=Paul |title=Currency Regimes, Capital Flows, and Crises |journal=IMF Economic Review |date=1 November 2014 |volume=62 |issue=4 |pages=470–493 |doi=10.1057/imfer.2014.9}}</ref> There have been instances where a government has chosen to default on its domestic currency debt rather than create additional currency, such as [Russia](/source/Russia) in 1998 (the ["ruble crisis"](/source/1998_Russian_financial_crisis)).<ref>{{cite journal |last1=Kharas |first1=Homi J. |last2=Pinto |first2=Brian |last3=Ulatov |first3=Sergei |title=An Analysis of Russia's 1998 Meltdown: Fundamentals and Market Signals |journal=Brookings Papers on Economic Activity |date=2001 |volume=2001 |issue=1 |pages=1–68 |doi=10.1353/eca.2001.0012 |url=https://www.brookings.edu/articles/an-analysis-of-russias-1998-meltdown-fundamentals-and-market-signals/}}</ref> Furthermore, if a government bond is issued in a foreign currency then the government cannot simply create additional currency to redeem the bond, but must instead use its foreign currency reserves.<ref name="ECB foreign currency bonds overview" />

Investors may use rating agencies to assess credit risk. In the United States, the [Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission) (SEC) has designated ten rating agencies as [nationally recognized statistical rating organization](/source/nationally_recognized_statistical_rating_organization)s.<ref>{{cite web |title=urrent NRSROs |url=https://www.sec.gov/about/divisions-offices/office-credit-ratings/current-nrsros |website=www.sec.gov |access-date=24 August 2025}}</ref>

===Currency risk===
In general, currency risk (or [foreign exchange risk](/source/foreign_exchange_risk)) refers to the exposure to exchange rate fluctuations faced by investors when purchasing assets priced in a different currency.<ref>{{cite web |title=Currency Risk |url=https://corporatefinanceinstitute.com/resources/foreign-exchange/currency-risk/ |website=Corporate Finance Institute |access-date=24 August 2025}}</ref> For example, a German investor would consider United States bonds to have more currency risk than German bonds (since the dollar may go down relative to the euro); similarly, a United States investor would consider German bonds to have more currency risk than United States bonds (since the euro may go down relative to the dollar). A bond paying in a currency that does not have a history of keeping its value may not be a good deal even if a high interest rate is offered.<ref>{{Cite news |url=https://www.reuters.com/article/us-emerging-currencies-analysis-idUSBRE9AL0O120131122 |title=Analysis: Counting the cost of currency risk in emerging bond markets |date=22 November 2013 |work=Reuters |access-date=2 July 2017 |archive-date=7 March 2016 |archive-url=https://web.archive.org/web/20160307093457/http://www.reuters.com/article/us-emerging-currencies-analysis-idUSBRE9AL0O120131122 |url-status=live }}</ref>

===Inflation risk===

Inflation risk is the risk that changes in the ''real'' [rate of return](/source/rate_of_return) (i.e. after adjusting for [inflation](/source/inflation)) realized by an investor will be negative.<ref>{{cite web |title=Inflation risk Definition |url=https://www.nasdaq.com/glossary/i/inflation-risk |website=www.nasdaq.com |access-date=26 August 2025 |language=en}}</ref> Inflation is defined as an increase in average price levels, and thus causes a reduction in the [purchasing power](/source/purchasing_power) of money.<ref>{{cite web |title=Inflation: Prices on the Rise |url=https://www.imf.org/en/Publications/fandd/issues/Series/Back-to-Basics/Inflation |website=IMF |access-date=26 August 2025 |language=en}}</ref> A bond issued at a fixed interest rate is therefore susceptible to inflation risk (for example, if a bond is purchased at an interest rate of 5%, but the rate of inflation is 4.5%, then the real rate of return is only 0.5%).<ref>{{cite web |title=How does Inflation affect bonds? |url=https://www.mandg.com/investments/private-investor/en-gb/in-the-spotlight/m-g-insights/2023/08/how-does-inflation-affect-bonds |website=www.mandg.com |access-date=26 August 2025 |language=en}}</ref>  Many governments issue [inflation-indexed bond](/source/inflation-indexed_bond)s, which protect investors against inflation risk by linking both interest payments and maturity payments to a consumer price index. See, for example, [US Treasury Inflation-Protected Securities (TIPS)](/source/United_States_Treasury_security).<ref name="TIPS">{{cite web |title=TIPS — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/tips/ |website=treasurydirect.gov |access-date=26 August 2025}}</ref>

===Interest rate risk===
[Interest rate risk](/source/Interest_rate_risk) is defined as the risk that a bond or other fixed-income asset to declines due to fluctuations in interest rates.<ref>{{cite web |title=Interest Rate Risk |url=https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/interest-rate-risk/ |website=Corporate Finance Institute |access-date=29 August 2025}}</ref> [Interest rates](/source/Interest_rates) and bond prices have an inverse relationship, so bond prices fall when interest rates rise.<ref>{{cite web |title=Interest rate risk — When Interest rates Go up, Prices of Fixed-rate Bonds Fall |url=https://www.sec.gov/files/ib_interestraterisk.pdf |website=US Securities and Exchange Commission |access-date=29 August 2025}}</ref> For example, suppose an investor purchases a ten-year $1000 bond paying a 3% [coupon](/source/coupon_(finance)). If a year later interest rates rise to 4%, then although the bond purchased by the investor still pays a 3% coupon, a $1000 bond issued after the interest rate rise will pay out a 4% coupon, making the original bond less attractive to other investors, unless sold at a discount.<ref>{{cite web |last1=Dore |first1=Kate |title=Here's how rising interest rates may affect your bond portfolio in retirement |url=https://www.cnbc.com/2022/01/19/heres-how-rising-interest-rates-may-affect-your-bond-portfolio-.html |website=CNBC |access-date=29 August 2025 |language=en |date=19 January 2022}}</ref>

==United Kingdom==
In the UK, government bonds are called [gilts](/source/gilt-edged_securities). Older issues have names such as "Treasury Stock" and newer issues are called "Treasury Gilt".<ref>{{Cite web|url=https://www.dmo.gov.uk/data/treasury-bills/prices-and-yields/|title=Daily Prices and Yields|work=UK Debt Management Office|access-date=19 August 2020|archive-date=20 September 2020|archive-url=https://web.archive.org/web/20200920035528/https://dmo.gov.uk/data/treasury-bills/prices-and-yields/|url-status=live}}</ref><ref>{{Cite web |url=http://www.dmo.gov.uk/index.aspx?page=Gilts/About_Gilts |title=Gilt Market: About gilts |publisher=UK Debt Management Office |archive-url=https://web.archive.org/web/20161110155438/http://dmo.gov.uk/index.aspx?page=gilts%2Fabout_gilts |archive-date=2016-11-10 |access-date=2011-06-13}}</ref> There are two main types of gilt: ''conventional'', which have a fixed interest rate and length (maturity) and ''index-linked'', whose interest rate and overall loan amount (principal) are automatically adjusted for inflation.<ref>{{cite web |last1=Harari |first1=Daniel |title=What are gilts? A simple guide |url=https://commonslibrary.parliament.uk/what-are-gilts-a-simple-guide/ |website=House of Commons Library |access-date=23 August 2025 |date=18 December 2024}}</ref> The issuance of gilts is managed by the [UK Debt Management Office](/source/Debt_Management_Office_(United_Kingdom)), an executive agency of [HM Treasury](/source/HM_Treasury). Prior to April 1998, gilts were issued by the [Bank of England](/source/Bank_of_England).<ref>{{Cite web |date=17 May 2022 |title=Gilt Market |url=https://dmo.gov.uk/responsibilities/gilt-market/ |publisher=UK Debt Management Office |url-status=live |access-date=16 May 2022 |archive-date=18 June 2022 |archive-url=https://web.archive.org/web/20220618215202/https://dmo.gov.uk/responsibilities/gilt-market/ }}</ref> Purchase and sales services are managed by [Computershare](/source/Computershare).<ref>{{Cite news |date=16 July 2004 |title=Computershare to take over from Bank of England as UK gilts registrar |work=Thomson Reuters Practical Law |url=https://uk.practicallaw.thomsonreuters.com/0-102-8772?transitionType=Default&contextData=(sc.Default)&firstPage=true |access-date=17 May 2022 |archive-date=1 July 2023 |archive-url=https://web.archive.org/web/20230701094412/https://uk.practicallaw.thomsonreuters.com/0-102-8772?transitionType=Default&contextData=(sc.Default)&firstPage=true |url-status=live }}</ref>

UK gilts have maturities stretching much further into the future than other European government bonds, which has influenced the development of pension and life insurance markets in the respective countries.

A conventional UK gilt might look like this – "Treasury stock 3% 2020".<ref>{{Cite web|last=Kaveh|first=Kim|date=2016-08-02|title=Gilts and corporate bonds explained|url=https://www.which.co.uk/money/investing/how-investing-works/asset-classes-explained/gilts-and-corporate-bonds-explained-a7s643q0n4qy|access-date=2022-02-07|website=Which? Money|language=en|archive-date=2022-02-07|archive-url=https://web.archive.org/web/20220207015244/https://www.which.co.uk/money/investing/how-investing-works/asset-classes-explained/gilts-and-corporate-bonds-explained-a7s643q0n4qy|url-status=live}}</ref> On 3 July 2025 the yield on UK ten-year government bonds was 4.45%<ref>{{cite news |last1=Hoggan |first1=Karen |title=UK borrowing costs fall as investors' nerves ease |url=https://www.bbc.co.uk/news/articles/ce3nj7yw2wvo |access-date=1 September 2025 |work=BBC News |agency=BBC |date=3 July 2025}}</ref> and the official Bank of England Bank Rate was 4.25%.<ref>{{cite web |title=Bank Rate history and data |url=https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp |website=www.bankofengland.co.uk |access-date=1 September 2025}}</ref> As of January 2025, the [Standard and Poors](/source/Standard_and_Poors) credit rating for the UK was AA, with a 'stable' outlook.<ref>{{cite news |title=S&P calls UK borrowing cost jump a "concern", but no immediate hit to rating |url=https://www.reuters.com/world/uk/sp-calls-uk-borrowing-cost-jump-concern-no-immediate-hit-rating-2025-01-17/ |access-date=1 September 2025 |agency=Reuters |date=17 January 2025}}</ref>

== United States ==
US government bonds are known as [United States Treasury securities](/source/United_States_Treasury_security). They are issued by the [United States Department of the Treasury](/source/United_States_Department_of_the_Treasury), and the US public debt is managed by the [Bureau of the Fiscal Service](/source/Bureau_of_the_Fiscal_Service).<ref>{{cite web |title=Bonds and Securities |url=https://home.treasury.gov/services/bonds-and-securities |website=U.S. Department of the Treasury |access-date=31 August 2025 |language=en |date=8 February 2025}}</ref>

The US Treasury offers both marketable and non-marketable bonds; the former can be sold in [secondary market](/source/secondary_market)s before the bond reaches maturity, while the latter is registered to the buyers' social security numbers and cannot be transferred.<ref>{{cite web |title=About Treasury Marketable Securities — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/ |website=treasurydirect.gov}}</ref> The US Treasury offers five kinds of marketable securities:<ref name="TreasuryDirect history of marketable securities">{{cite web |title=History of Treasury Marketable Securities Products and Programs — TreasuryDirect |url=https://www.treasurydirect.gov/research-center/history-of-marketable-securities/ |website=www.treasurydirect.gov}}</ref>
# [Treasury bills](/source/Treasury_bills): [zero-coupon bond](/source/zero-coupon_bond)s that mature in one year or less. They are bought at a discount of the par value and, instead of paying a coupon interest, are eventually redeemed at that par value to create a positive yield to maturity.<ref>{{cite web |title=Treasury Bills — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/treasury-bills/ |website=treasurydirect.gov}}</ref>
# [Treasury notes](/source/Treasury_notes): maturity of these bonds is two, three, five or ten years, they provided fixed coupon payments every six months and are sold in increments of $100.<ref>{{cite web |title=Treasury Notes — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/treasury-notes/ |website=treasurydirect.gov}}</ref>
# [Treasury bonds](/source/Treasury_bonds) (T-bonds or long bonds): treasury bonds with the longest maturity, from twenty years to thirty years. They also have a [coupon payment](/source/Coupon_(bond)) every six months.<ref>{{cite web |title=Treasury Bonds — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/treasury-bonds/ |website=treasurydirect.gov}}</ref>
# [Treasury Inflation-Protected Securities](/source/Treasury_Inflation-Protected_Securities) (TIPS): an [inflation-indexed bond](/source/inflation-indexed_bond). The principal of these bonds is adjusted to the [Consumer Price Index](/source/United_States_Consumer_Price_Index). In other words, the principal increases with inflation and decreases with deflation.<ref name="TIPS"/>
# [Floating rate note](/source/Floating_rate_note)s: two-year bonds with an interest rate that can change (float) over time, and pay interest four times per year.<ref>{{cite web |title=Floating Rate Notes — TreasuryDirect |url=https://treasurydirect.gov/marketable-securities/floating-rate-notes/ |website=treasurydirect.gov}}</ref>

Interest income from Treasury bills, notes and bonds is subject to federal income tax, but exempt from state and local taxes.<ref>{{cite web |title=Examples of taxable interest |url=https://www.irs.gov/taxtopics/tc403 |website=www.irs.gov |access-date=31 August 2025 |language=en}}</ref>

US Treasury Securities are initially sold by the government through an [auction](/source/auction) process.<ref>{{cite web |title=Auctions In Depth — TreasuryDirect |url=https://www.treasurydirect.gov/research-center/history-of-marketable-securities/auctions/auctions-indepth/ |website=www.treasurydirect.gov |access-date=31 August 2025}}</ref><ref>{{cite web |title=The Treasury Auction Process: Objectives, Structure, and Recent Adaptations - FEDERAL RESERVE BANK of NEW YORK |url=https://www.newyorkfed.org/research/current_issues/ci11-2.html |website=www.newyorkfed.org |access-date=31 August 2025}}</ref> Once issued, marketable securities can then be bought and sold on secondary markets.<ref name="TreasuryDirect history of marketable securities" /> [TreasuryDirect](/source/TreasuryDirect) is the official website where investors can purchase treasury securities directly from the US Treasury.<ref>{{cite web |title=About — TreasuryDirect |url=https://www.treasurydirect.gov/about/ |website=www.treasurydirect.gov}}</ref>

== See also ==
{{col div|colwidth=20em}}
* [Bond market](/source/Bond_market)
* [Foreign-exchange reserves of China](/source/Foreign-exchange_reserves_of_China)
* [Government debt](/source/Government_debt)
* [Quantitative easing](/source/Quantitative_easing)
* [List of government bonds](/source/List_of_government_bonds)
* [Market risk](/source/Market_risk)
* [Municipal bond](/source/Municipal_bond)
* [Treasury](/source/Treasury)
* [War Bonds](/source/War_Bonds)
{{col div end}}

== References ==
{{reflist|20em}}

{{Bond market}}
{{Debt}}
{{Stock market}}

{{Authority control}}

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Category:Government bonds

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Adapted from the Wikipedia article [Government bond](https://en.wikipedia.org/wiki/Government_bond) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Government_bond?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.