Zero coupon bonds can be issued by all of the following EXCEPT:

Zero coupon bonds are debt securities that do not pay interest during the life of the bond. Instead, they are sold at a discount to their face value, and the investor receives the face value upon maturity. These types of bonds can be issued by a variety of entities, including government bodies, corporations, and municipalities.

The U.S. Treasury issues zero coupon bonds, commonly known as Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities). Corporations often issue zero coupon bonds as well, allowing them to raise capital while deferring interest payments until maturity. Municipalities can also issue zero coupon bonds, usually to fund specific projects or infrastructure development.

The option related to financial institutions is less straightforward, as while they may issue bonds, zero coupon bonds are typically not their standard instrument for raising capital. Financial institutions generally focus on interest-bearing instruments to generate recurring income. Therefore, while they can technically issue zero coupon bonds, it is not common practice, distinguishing them from the other entities listed which frequently issue zero coupon bonds.