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CHAPTER 3 - OVERVIEW OF BOND SECTORS AND... > IV. SEMI-GOVERNMENT / AGENCY BONDS
IV. SEMI-GOVERNMENT / AGENCY BONDS
A central government can establish an agency or organization that issues bonds. The bonds of such entities are not issued directly by the central government but may have either a direct or implied government guarantee. These bonds are generically referred to as semi-government bonds or government agency bonds. In some countries, semi-government bonds include bonds issued by regions of the country.
Here are a few examples of semi-government bonds. In Australia, there are the bonds issued by Telstra or a State electric power supplier such as Pacific Power. These bonds are guaranteed by the full faith and credit of the Commonwealth of Australia. Government agency bonds are issued by Germany’s Federal Railway (Bundesbahn) and the Post Office (Bundespost ) with the full faith and credit of the central government.