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CIC Codes – Regional Government Bonds v Municipal Government Bonds Should Canadian provinces be classified as CIC 14 for ‘Municipal Government Bonds’? The description for municipal government bonds specifically states this classification should included provinces, whereas our information provider which is the source for our CIC codes believes that only US municipal government bonds should be classified as ‘##14’ due to this being the market ‘norm’, and Canadian provinces should be classified as CIC ‘##13’ for ‘Regional Government Bonds’. It can be argued that the Canadian provinces are regional government as they are considered to be co-sovereign divisions and hence regional government.