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Agency debt also known as an Agency bond is a security, usually a bond, issued by a U.S. government-sponsored agency. The offerings of these agencies are backed but not guaranteed by the US government since the agencies are private entities. Some prominent issuers of these securities are Student Loan Marketing Association (Sallie Mae), Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). Agency securities are usually exempt from state and local taxes, but not federal tax. Agency debt is also called an agency security.