1. Category level, quality rating, or step-wise rank. 2. Scaled classification. 3. To make a bumpy surface even or smooth. 4. A building or structure horizontal ground level 5. Another name for grad. 6. Another name for gradient.


A DEBT instrument issued by a governmental authority as a funding mechanism. Government bonds are generally issued on a fixed or floating rate, COUPON BEARING, basis, with maturities extending from 1 to 30 years; those within the 1 to 10 year sector may be referred to as government notes. Some countries also feature INFLATION LINKED SECURITIES within their government issuance programs. Government bonds issued by industrialized nations are generally quite LIQUID (and may be very liquid in the BENCHMARK) and extremely creditworthy, with virtually no risk of DEFAULT. See also GOVERNMENT BILL.
A US governmentowned CORPORATION (and agency of the Department of Housing and Urban Development) that purchases residential MORTGAGES guaranteed by the Department of Veterans Affairs and the Federal Housing Administration and pools them into MORTGAGEBACKED SECURITIES (MBS); GNMA MBS, which essentially convert ILLIQUID mortgage ASSETS into marketable securities, carry the agency