Agency debt
Agency debt (sometimes referred to in plural as Agencies) is a type of bond issued by a corporation that is nominally independent of the government - though ownership may be public or private - but considered to be backed by the government, usually on a de facto basis.
The most common issuers in the United States are the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which are both heavily involved in the mortgage-backed securities market, and the Federal Home Loan Banks (FHLBanks), which issue significant amounts of debt [that are the joint and several liability of all 12 FHLBanks] to support the FHLBank mission of extending advances [secured loans] to it members [primarily the nations community banks].
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