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. 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).