Government bonds, Government securities

Definition 1. Investment Dictionary: "Government Security"

• A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default.
• Investopedia Says: This includes short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds.

Definition 2. Financial & Investment Dictionary: "Government Securities"

• Securities issued by U.S. Government agencies, such as the Resolution Funding Corporation (REFCORP) or the Federal Land Bank; also called agency securities.
• Although these securities have high credit ratings, they are not considered to be Government Obligations and therefore are not directly backed by the Full Faith and Credit of the government as Treasuries are. See also Agency Securities.

※ 메모 1:

• 미국의 전문용어 사전들마저 그 각각이 정의하는 용어와 내용이 서로 어긋난다. 위 Definition 1에서 "includes"는 "국한하다"는 말은 아니니 "Government Security"가 재무부 증권-- 단기증권(T-bills)과 재무부 중기증권(T-notes), 재무부 장기채권(T-bonds)--만을 가리킨다고 볼 수 없다.
• 한편, Definition 2에서는 복수로 표현한 표제어, "Government Securities"에 대해 재무부 증권이 아니라, "agency security(연방 기관채)"를 뜻한다고 해놓았다.

Definition 3. Banking Dictionary: "Government Bond"

• Long-term debt securities of the United States government, given the highest rating available.
• The term refers to:
  
  (1) Treasury bonds, which have original maturities of 10 to 30 years, and
  (2) Series EE and Series HH Savings Bonds.

※ 메모 2:

• 한편, 이 Definition 3에서는 "Government Bond"가 재무부 증권과 저축채권을 가리킨다고 나와 있다. "refers to"는 "includes"와는 달리 "정의하다"로 볼 수 있으니, 이 용어의 정의를 따르면, "연방 기관채(angecy security)"는 포함되지 않는다.
• 따라서 Definition 2와 Definition 3을 모두 엄격하게 존중한다면, 이런 결론이 나온다:
  (1) "government bond(s)" 는 연방정부 산하 기관 및 출자 기관을 제외한 재무부가 발행한 증권, 즉 나라가 채무상환을 100% 보증하는 "국채"라는 말이고,
  (2) "government securities"는 재무부 자체가 아닌 연방정부 산하 기관 및 출자 기관이 발행한 증권이란 얘기다. 결국 정부 자체는 아니지만 정부와 관계되어 공적인 성격을 갖는 채권, "공채"라는 말이 된다.
• 그러나, 과연 미국인들 중 몇 퍼센트가 이렇게 용어를 구분해서 사용하고 있을까? securites(증권)과 bonds(채권)이라는 말이 뜻하는 의미의 외연이 오랜 동안 마구 번져 왔다고 전제하면, "(U.S) government security(securities)"와 "(U.S) government bond(s)"는 재무부 증권과 연방 기관채를 모두 포함하는 "(미국) 국공채"를 가리킨다고 이해함이 적절하다고 본다.

Definition 4. Financial & Investment Dictionary: "Agency Securities"

• Securities issued by U.S. Government-sponsored entities (GSEs) and federally related institutions.
• GSEs currently issuing securities comprise eight privately owned, publicly chartered entities created to reduce borrowing costs for certain sectors of the economy, such as farmers, homeowners, and students. They include:
  (1) the Federal Farm Credit Bank System,
  (2) Farm Credit Financial Assistance Corporation,
  (3) Federal Home Loan Bank,
  (4) Federal Home Loan Mortgage Corporation,
  (5) Federal National Mortgage Association (FNMA),
  (6) Student Loan Marketing Association (Slma),
  (7) Financing Corporation (Fico).
  
  GSEs issue discount notes (with maturities ranging from overnight to 360 days) and bonds. With the exception of the Farm Credit Financial Assistance Corporation, GSE securities are not backed by the full faith and credit of the U.S. Government. Other GSEs that formerly issued directly now borrow from the Federal Financing Bank.
  
• Federally related institutions are arms of the U.S. Government and generally have not issued securities directly into the marketplace since the Federal Financing Bank was established to meet their consolidated borrowing needs in 1973. They include:
  
  (1) the Export-Import Bank (Eximbank) of the United States,
  (2) the Commodity Credit Corporation,
  (3) the Farmers Housing Administration,
  (4) the General Services Administration,
  (5) the Government National Mortgage Association (GNMA)
  (6) the Maritime Administration,
  (7) the Private Export Funding Corporation,
  (8) the Rural Electrification Administration,
  (9) the Rural Telephone Bank,
  (10) the Small Business Administration (SBA)
  (11) the Tennessee Valley Authority (TVA), and
  (12) the Washington Metropolitan Area Transit Authority.
  
• Except for the Private Export Funding Corporation and the TVA, federally related institution obligations are backed by the full faith and credit of the U.S. Government. Agency securities are exempt from SEC registration and from state and local income taxes.