Please prepare a comprehensive answer to:
Why are bonds important in the valuation of projects?
Please include definitions and connections below to bonds:

• Estimated Uniform Annual Cost (EUAC)
• IRR
• Risk-free
  The answer should be a coherent, readable description (about 500-600 words) covering using bonds in project valuation.
  The response includes evidence of deeper thinking, extending the answer beyond the set questions by linking it with other relevant topics. For example, the overall importance of bonds in project finance and long-term project funding commitments – from project, lender and investor perspectives.
  Referencing (at least 4 references) is also required.
  Thank you.

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