Obligation Freddy Mac 0% ( US3128X1GZ47 ) en USD

Société émettrice Freddy Mac
Prix sur le marché refresh price now   100 %  ⇌ 
Pays  Etas-Unis
Code ISIN  US3128X1GZ47 ( en USD )
Coupon 0%
Echéance 17/06/2033



Prospectus brochure de l'obligation Freddie Mac US3128X1GZ47 en USD 0%, échéance 17/06/2033


Montant Minimal 1 000 USD
Montant de l'émission 1 065 000 000 USD
Cusip 3128X1GZ4
Notation Standard & Poor's ( S&P ) AAA ( Première qualité )
Notation Moody's Aaa ( Première qualité )
Description détaillée Freddie Mac est une société publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité du marché du logement.

Freddie Mac a émis une obligation (ISIN : US3128X1GZ47, CUSIP : 3128X1GZ4) d'une valeur totale de 1 065 000 000 USD, négociée actuellement à 100 %, avec un taux d'intérêt de 0 %, une maturité fixée au 17 juin 2033, une fréquence de paiement semestrielle, une taille minimale d'achat de 1 000 USD, notée AAA par Standard & Poors et Aaa par Moody's.









PRICING SUPPLEMENT DATED May 21, 2003
(to Offering Circular Dated April 4, 2003)

$1,065,000,000


Freddie Mac

Zero Coupon Medium-Term Notes Due June 17, 2033
Redeemable periodically, beginning June 17, 2008

Issue Date:
June 17, 2003
Maturity Date:
June 17, 2033
Subject to Redemption:
Yes. The Medium-Term Notes are redeemable at our option, upon notice of not less than 5
Business Days. See "Redemption" herein. We will redeem all of the Medium-Term Notes if we
exercise our option.
Redemption Date(s):
Semiannually, on June 17 and December 17, commencing June 17, 2008
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X1GZ4


There will be no periodic payments of interest on the Medium-Term Notes. The only scheduled payment that will be made
to the holder of a Medium-Term Note will be made on the Maturity Date or the redemption date, as applicable, in an amount equal to
the product of the call price for such redemption date and the principal amount of the Medium-Term Notes. See "Redemption" herein.


The Medium-Term Notes will be issued with original issue discount. See "Certain United States Federal Tax Consequences
- U.S. Owners - Debt Obligations with Original Issue Discount" in the Offering Circular.



You should read this Pricing Supplement together with Freddie Mac's Debentures, Medium-Term Notes and Discount Notes
Offering Circular, dated April 4, 2003 (the "Offering Circular"), and all documents that are incorporated by reference in the Offering
Circular, which contain important detailed information about the Medium-Term Notes and Freddie Mac. See "Available Information"
in the Offering Circular. Capitalized terms used in this Pricing Supplement have the meanings we gave them in the Offering Circular,
unless we specify otherwise.

The Medium-Term Notes may not be suitable investments for you. You should not purchase the Medium-Term
Notes unless you understand and are able to bear the redemption, yield, market, liquidity and other possible risks associated
with the Medium-Term Notes. You should read and evaluate the discussion of risk factors (especially those risk factors that
may be particularly relevant to this security) that appears in the Offering Circular under "Risk Factors" before purchasing
any of the Medium-Term Notes.



The Medium-Term Notes, including any interest or return of discount on the Medium-Term Notes, are not
guaranteed by and are not debts or obligations of the United States or any federal agency or instrumentality other than
Freddie Mac.

Price to Public (1)(2)
Underwriting Discount (2)
Proceeds to Freddie Mac (1)(3)




Per Medium-Term Note
18.796497%
0.00%
18.796497%
Total
$200,182,693
$0.00
$200,182,693

(1)
Plus return of discount, if any, from June 17, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.


Lehman Brothers




2


OFFERING

1. Pricing
date:
May 21, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
Lehman Brothers Inc.


REDEMPTION


The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the dates and at the respective call
prices set forth in the following Call Price Schedule. Upon exercise of Freddie Mac's option to redeem the Medium-Term Notes,
each investor will receive the product of the call price for such redemption date and the principal amount of Medium-Term
Notes held by such investor.


Call Price Schedule

Redemption
Call Price
Redemption
Call Price
Redemption
Call Price
Date
Percentage
Date
Percentage
Date
Percentage
6/17/2008 24.834996
12/17/2016 39.878820
6/17/2025 64.035456
12/17/2008 25.536584
6/17/2017 41.005397
12/17/2025 65.844458
6/17/2009 26.257993
12/17/2017 42.163799
6/17/2026 67.704564
12/17/2009 26.999781
6/17/2018 43.354927
12/17/2026 69.617218
6/17/2010 27.762525
12/17/2018 44.579703
6/17/2027 71.583904
12/17/2010 28.546816
6/17/2019 45.839080
12/17/2027 73.606150
6/17/2011 29.353264
12/17/2019 47.134034
6/17/2028 75.685523
12/17/2011 30.182494
6/17/2020 48.465570
12/17/2028 77.823639
6/17/2012 31.035149
12/17/2020 49.834723
6/17/2029 80.022157
12/17/2012 31.911892
6/17/2021 51.242554
12/17/2029 82.282783
6/17/2013 32.813403
12/17/2021 52.690156
6/17/2030 84.607272
12/17/2013 33.740382
6/17/2022 54.178653
12/17/2030 86.997427
6/17/2014 34.693547
12/17/2022 55.709200
6/17/2031 89.455104
12/17/2014 35.673640
6/17/2023 57.282984
12/17/2031 91.982211
6/17/2015 36.681420
12/17/2023 58.901229
6/17/2032
94.580709
12/17/2015 37.717671
6/17/2024 60.565188
12/17/2032
97.252614
6/17/2016 38.783195
12/17/2024 62.276155
6/17/2033 100.00000
8229LBjun17.doc




3


RISK FACTORS


An investment in the Medium-Term Notes entails certain risks not associated with an investment in conventional fixed-rate
debt securities that pay interest periodically. While the Medium-Term Notes, if held to maturity or redemption, will provide return
of their principal, including return of the accreted value to the optional redemption date, their market value could be adversely
affected by changes in prevailing interest rates and the optional redemption feature. This effect on the market value could be
magnified in a rising interest rate environment in the case of the Medium-Term Notes due to their relatively long remaining term to
maturity. In such an environment, the market value of the Medium-Term Notes generally will fall, which could result in significant
losses to investors whose circumstances do not permit them to hold the Medium-Term Notes until maturity. It is also unlikely that
Freddie Mac would redeem the Medium-Term Notes in such an interest rate environment, when Freddie Mac's costs of borrowing
would be relatively high. On the other hand, in a falling interest rate environment, in which the market value of the Medium-Term
Notes generally would rise, it is likely that Freddie Mac would redeem the Medium-Term Notes, when its costs of borrowing would
be relatively low; under those circumstances, it is likely that the optional redemption provision would restrict the market value that
the Medium-Term Notes otherwise would have. Those factors, combined with the fact that payments on the Medium-Term Notes
will be made only at maturity or upon redemption, and not periodically, also could affect the secondary market for and the liquidity
of the Medium-Term Notes. Investors therefore should have the financial status and, either alone or with a financial advisor, the
knowledge and experience in financial and business matters sufficient to evaluate the merits and to bear the risks of investing in the
Medium-Term Notes in light of each investor's particular circumstances and should consider whether their circumstances permit
them to hold the Medium-Term Notes until maturity, or otherwise to bear the risks of illiquidity, redemption and changes in interest
rates. See "Risk Factors" in the Offering Circular.
8229Lbjun17.doc


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