The rush to move the secondary market online has created a growth in the number of Web sites available in the past few weeks in which issuers can sell their bonds. One specializing in the sale of agency debt was launched without a hitch early last week.

MuniAuction, a Pittsburgh-based fixed-income securities company specializing in municipal debt auctions, has expanded with the creation of AgencyAuction. Freddie Mac and the Federal Home Loan Banks were the first agencies to use AgencyAuction's platform for the sale of their discount notes.

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