Obbligazione Freddy Mac 0% ( US3128X1QT76 ) in USD

Freddy Mac

100 USD ⇌

Stati Uniti

US3128X1QT76 ( in USD )

0%

30/06/2033

Prospetto opuscolo dell'obbligazione Freddie Mac US3128X1QT76 en USD 0%, scadenza 30/06/2033

1 000 USD

100 000 000 USD

3128X1QT7

Freddie Mac è una società pubblica statunitense che acquista e garantisce mutui ipotecari residenziali, contribuendo alla stabilità del mercato immobiliare.

Un'obbligazione di rilevante interesse sul mercato finanziario è il titolo di debito identificato dal codice ISIN US3128X1QT76 e dal codice CUSIP 3128X1QT7, emessa negli Stati Uniti da Freddie Mac, entità sponsorizzata dal governo (GSE) la cui missione primaria è fornire liquidità, stabilità e accessibilità al mercato immobiliare residenziale statunitense attraverso l'acquisto di mutui dalle banche e da altri istituti finanziari, impacchettandoli e rivendendoli agli investitori come titoli garantiti da mutui (MBS), consolidando così il proprio ruolo cruciale nel finanziamento abitativo americano e conferendo ai propri strumenti di debito un'elevata percezione di sicurezza sul mercato. Questo specifico strumento obbligazionario è attualmente negoziato al 100% del suo valore nominale in dollari statunitensi (USD) e si distingue per un tasso d'interesse nominale dello 0%, suggerendo una struttura a sconto tipica delle obbligazioni zero-coupon, dove il rendimento per l'investitore deriva dalla differenza tra il prezzo di acquisto e il valore nominale rimborsato integralmente alla scadenza, fissata per il 30 giugno 2033. L'emissione ha una dimensione totale di 100.000.000 USD, con un taglio minimo di acquisto stabilito in 1.000 USD, rendendola accessibile a diversi profili di investitori che cercano un'esposizione al debito correlato a un'istituzione quasi-sovrana statunitense con una data di scadenza definita e una strategia di rendimento basata sullo sconto piuttosto che sui flussi cedolari periodici.

PRICING SUPPLEMENT DATED June 25, 2003

(to Offering Circular Dated April 4, 2003)

$100,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due June 30, 2033
Redeemable periodically, beginning June 30, 2004

Issue Date:
June 30, 2003
Maturity Date:
June 30, 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 30 and December 30, commencing June 30, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X1QT7

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
16.679307%
.15%
16.529307%
Total
$16,679,307
$150,000
$16,529,307

(1)
Plus return of discount, if any, from June 30, 2003.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

First Tennessee Bank N.A.

2

OFFERING

1. Pricing
date:
June 25, 2003
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.10%
4. Reallowance:
.10%
5.
Underwriter:
First Tennessee Bank National Association

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 Date Call Price Percentage
Redemption Date Call Price Percentage
06/30/04 17.705386
06/30/19 43.352725
12/30/04 18.241860
12/30/19 44.666313
06/30/05 18.794588
06/30/20 46.019702
12/30/05 19.364064
12/30/20 47.414099
06/30/06 19.950795
06/30/21 48.850746
12/30/06 20.555304
12/30/21 50.330924
06/30/07 21.178130
06/30/22 51.855951
12/30/07 21.819827
12/30/22 53.427186
06/30/08 22.480968
06/30/23 55.046030
12/30/08 23.162141
12/30/23 56.713925
06/30/09 23.863954
06/30/24 58.432357
12/30/09 24.587032
12/30/24 60.202857
06/30/10 25.332019
06/30/25 62.027004
12/30/10 26.099579
12/30/25 63.906422
06/30/11 26.890397
06/30/26 65.842787
12/30/11 27.705176
12/30/26 67.837823
06/30/12 28.544642
06/30/27 69.893309
12/30/12 29.409545
12/30/27 72.011076
06/30/13 30.300654
06/30/28 74.193012
12/30/13 31.218764
12/30/28 76.441060
06/30/14 32.164693
06/30/29 78.757224
12/30/14 33.139283
12/30/29 81.143568
06/30/15 34.143403
06/30/30 83.602218
12/30/15 35.177948
12/30/30 86.135365
06/30/16 36.243840
06/30/31 88.745267
12/30/16 37.342028
12/30/31 91.434249
06/30/17 38.473492
06/30/32 94.204706
12/30/17 39.639239
12/30/32 97.059109
06/30/18 40.840308
06/30/33 100.000000
12/30/18 42.077769
8438-3128X1QT7.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.

8438-3128X1QT7.doc

Document Outline

#1">Freddie Mac
#2">REDEMPTION
- #2">
  - #2">
    - #2">Call Price Schedule