1. The sponsor of bond issuance mainly assumes the role of lead underwriter, responsible for the issuance of bonds (generally underwriting) and checking the information disclosure of issuers, and often acts as the trustee of bonds, but does not bear any joint liability for the repayment of bonds.
2. The guarantee institution of bond issuance mainly provides guarantee for bond repayment, and needs to bear joint and several liability for bond repayment.