Agency debt

Agency debt, also known as an agency bond, agency loan, agency security, or "Agencies", is a security, usually a bond, issued by a United States government-sponsored enterprise or federal budget agency. The offerings of these agencies are backed but not guaranteed by the US government.^[1] Some prominent issuers of these securities are the Federal Home Loan Banks (FHLBanks), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).^[2]