To provide a bond issuing system for issuing a bond carrying no term of redemption of the principal and a market formation method based on circulation of the bond.

In this bond issuing system for issuing a funding bond carrying the bond carrying allocate words, interest words, and insurance words, a server transmits the type of combination of issued bonds to a general-purpose personal computer of each user institution for establishing bond trade on the basis of a bond purchase application, transmits bond purchase application information and user personal ID information to a bond issuing machine, accumulates issue result information of the bond, and calculates a charged fee amount of each user institution. The general-purpose personal computer and the like in each user institution displays the ID information for applying for purchase of the bond. The bond issuing machine reads ID information through input of an ID storage medium, collates the read ID information with the ID information transmitted from the server, issues a bond based on the corresponding bond purchase application information, and transmits the fact of issue of the bond to the server.