The anal version of a queef. (A queef being a mid- or post-coitus passing of wind from the vagina, but which is scientifically and more affectionately known as a 'pussy fart').
A fench typically takes shape as the release of air after an ass-fucking, either immediately as the anus first 'exhales' after pulling out, leading to seepage or leakage running out, or later afterwards, as a wet stamp on one's undergarments. A fench can include fecal matter, semen, and a smattering of lube.
A true fench will always contain material.
"Does the burger comes with fench fries? --Sorry, french fries?"
"He fenched his way across the room ."
"My underwear were fenchy, so I put them in a ziplock bag and threw them away."