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Source: Encyclopedia of Banking & Finance (9h Edition) by Charles J Woelfel
(We recommend this as work of authority.)

Financial instruments issued by subsidiaries (federal agencies) of the United States government.  Federal agency securities are not always guaranteed by the Treasury; hence the slang terminology of "FANGs" (Federal Agency Nonguaranteeds) is sometimes used to refer to such securities.  Such securities range from 14 to 20 years in maturities.  They are issued in minimum denominations of $1,000 are sold with coupongs, and are bearer instruments, negotiable and marketable except for specific issues.  FANGs carry a favorable rate differential to U.S. Treasury securities of the same maturity and are attractive to depository financial institutions.  No federal security has ever defaulted.  Isn recent years, special funding has been required for the Farm Credit Administration and the Federal Savings and Loan Insurance Corporation.  Many of the issues are listed regularly in the financial pages.

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