Obbligazione Freddy Mac 0% ( US3128X2V856 ) in USD

Emittente Freddy Mac
Prezzo di mercato refresh price now   100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US3128X2V856 ( in USD )
Tasso d'interesse 0%
Scadenza 17/03/2034



Prospetto opuscolo dell'obbligazione Freddie Mac US3128X2V856 en USD 0%, scadenza 17/03/2034


Importo minimo 1 000 USD
Importo totale 960 000 000 USD
Cusip 3128X2V85
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Freddie Mac č una societā pubblica statunitense che acquista e garantisce mutui ipotecari residenziali, contribuendo alla stabilitā del mercato immobiliare.

Le Freddie Mac ha emesso un'obbligazione (ISIN: US3128X2V856, CUSIP: 3128X2V85) negli Stati Uniti, attualmente negoziata al 100% del valore nominale (USD), con un tasso di interesse dello 0%, una dimensione totale dell'emissione di 960.000.000 USD, taglio minimo di 1.000 USD, scadenza il 17/03/2034 e frequenza dei pagamenti semestrale.









PRICING SUPPLEMENT DATED March 11, 2004
(to Offering Circular Dated December 31, 2003)

$960,000,000


Freddie Mac

Zero Coupon Medium-Term Notes Due March 17, 2034
Redeemable periodically, beginning March 17, 2005

Issue Date:
March 17, 2004
Maturity Date:
March 17, 2034
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 March 17 and September 17, commencing March 17, 2005
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X2V85


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 December 31, 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
15.78201%
.065%
15.71701%
Total
$151,507,296
$624,000
$150,883,296

(1)
Plus return of discount, if any, from March 17, 2004.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.


NBC Capital Markets Group Inc.



2




OFFERING:

1. Pricing
date:
March 11, 2004
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
NBC Capital Markets Group 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 Date
Call Price Percentage
Redemption Date
Call Price Percentage
3/17/2005 16.783797
3/17/2020 42.248284
9/17/2005 17.308291
9/17/2020 43.568543
3/17/2006 17.849175
3/17/2021 44.930060
9/17/2006 18.406962
9/17/2021 46.334124
3/17/2007 18.982179
3/17/2022 47.782066
9/17/2007 19.575373
9/17/2022 49.275255
3/17/2008 20.187103
3/17/2023 50.815107
9/17/2008 20.817950
9/17/2023 52.403079
3/17/2009 21.468511
3/17/2024 54.040675
9/17/2009 22.139402
9/17/2024 55.729447
3/17/2010 22.831258
3/17/2025 57.470992
9/17/2010 23.544735
9/17/2025 59.266960
3/17/2011 24.280508
3/17/2026 61.119053
9/17/2011 25.039274
9/17/2026 63.029023
3/17/2012 25.821751
3/17/2027 64.998680
9/17/2012 26.628681
9/17/2027 67.029889
3/17/2013 27.460827
3/17/2028 69.124573
9/17/2013 28.318978
9/17/2028 71.284716
3/17/2014 29.203946
3/17/2029 73.512363
9/17/2014 30.116569
9/17/2029 75.809625
3/17/2015 31.057712
3/17/2030 78.178675
9/17/2015 32.028266
9/17/2030 80.621759
3/17/2016 33.029149
3/17/2031 83.141189
9/17/2016 34.061310
9/17/2031 85.739351
3/17/2017 35.125726
3/17/2032 88.418706
9/17/2017 36.223405
9/17/2032 91.181790
3/17/2018 37.355386
3/17/2033 94.031221
9/17/2018 38.522742
9/17/2033 96.969697
3/17/2019 39.726578
3/17/2034 100.000000
9/17/2019 40.968033
9917-3128X2V85.doc




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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.

9917-3128X2V85.doc


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