Obbligazione Freddy Mac 0% ( US3128X9DP28 ) in USD

Freddy Mac

100 USD ⇌

Stati Uniti

US3128X9DP28 ( in USD )

0%

23/09/2039

Prospetto opuscolo dell'obbligazione Freddie Mac US3128X9DP28 en USD 0%, scadenza 23/09/2039

1 000 USD

333 000 000 USD

3128X9DP2

N/A

N/A

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

L'obbligazione in esame (Codice ISIN: US3128X9DP28; Codice CUSIP: 3128X9DP2), emessa negli Stati Uniti da Freddie Mac, ufficialmente Federal Home Loan Mortgage Corporation, una delle principali entità sponsorizzate dal governo (GSE) la cui missione è garantire liquidità e stabilità al mercato ipotecario secondario americano attraverso l'acquisto e la cartolarizzazione di mutui, presenta una scadenza a lungo termine fissata al 23 settembre 2039 e una dimensione totale dell'emissione pari a 333.000.000 USD, con un taglio minimo di acquisto di 1.000 USD, il tutto denominato in Dollari Statunitensi (USD) e attualmente scambiato al 100% del suo valore nominale di mercato; un aspetto distintivo di questo strumento finanziario è il suo tasso d'interesse nominale dello 0%, che lo configura come un titolo a cedola zero, dove il rendimento per l'investitore deriva unicamente dallo sconto implicito tra il prezzo di acquisto e il valore di rimborso a scadenza, nonostante sia indicata una frequenza di pagamento semestrale (2), un dato che in assenza di cedole periodiche si riferirebbe a condizioni tecniche specifiche del titolo o alla sua struttura operativa anziché a flussi di interesse diretti.

PRICING SUPPLEMENT DATED August 21, 2009
(to Offering Circular Dated April 3, 2009)

$333,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due September 23, 2039
Redeemable periodically, beginning March 23, 2011

Issue Date:
September 23, 2009
Maturity Date:
September 23, 2039
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 23 and September 23, commencing March 23, 2011
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X9DP2

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
(i) the principal amount of the Medium-Term Notes or (ii) the product of the call price percentage for such redemption date and the
principal amount of the Medium-Term Notes, as applicable. 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 Global Debt Facility Offering Circular, dated
April 3, 2009 (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 "Additional 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.

Any discussion of tax issues set forth in this Pricing Supplement and the related Offering Circular was written to
support the promotion and marketing of the transactions described in this Pricing Supplement. Such discussion was not
intended or written to be used, and it cannot be used, by any person for the purpose of avoiding any tax penalties that may
be imposed on such person. Each investor should seek advice based on its particular circumstances from an independent tax
advisor.

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

Per Medium-Term Note
16.973309%
0.00%
16.973309%
Total
$56,521,119
$0.00
$56,521,119

(1)
Plus return of discount, if any, from September 23, 2009.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $1,000.

Deutsche Bank

2

OFFERING:

1. Pricing
Date:
August 21, 2009
2.
Method of Distribution:
x Principal
Agent
3. Concession:
N/A
4. Reallowance:
N/A
5.
Underwriter:
Deutsche Bank Securities Inc.

OTHER SPECIAL TERMS:
x
Yes; as follows:

In connection with the issuance of the Medium-Term Notes, Freddie Mac may enter
into a swap or other hedging agreement with the Underwriter, one of its affiliates or
a third party. Any such agreement may provide for the payment of fees or other
compensation or provide other economic benefits (including trading gains or
temporary funding) to, and will impose obligations on, the parties, but will not affect
the rights of Holders of, or the obligations of Freddie Mac as to, the Medium-Term
Notes. The existence of such an agreement may influence our decision to exercise
our right of optional redemption as to the Medium-Term Notes.

REDEMPTION:

The Medium-Term Notes are subject to redemption by Freddie Mac, at its option, on the redemption dates and based on
the applicable call price percentages 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 percentage 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
3/23/2011 18.547193
9/23/2022 36.604490
9/23/2011 19.103609
3/23/2023 37.702625
3/23/2012 19.676717
9/23/2023 38.833703
9/23/2012 20.267019
3/23/2024 39.998715
3/23/2013 20.875029
9/23/2024 41.198676
9/23/2013 21.501280
3/23/2025 42.434636
3/23/2014 22.146318
9/23/2025 43.707675
9/23/2014 22.810708
3/23/2026 45.018906
3/23/2015 23.495029
9/23/2026 46.369473
9/23/2015 24.199880
3/23/2027 47.760557
3/23/2016 24.925876
9/23/2027 49.193374
9/23/2016 25.673653
3/23/2028 50.669175
3/23/2017 26.443862
9/23/2028 52.189250
9/23/2017 27.237178
3/23/2029 53.754928
3/23/2018 28.054294
9/23/2029 55.367575
9/23/2018 28.895922
3/23/2030 57.028603
3/23/2019 29.762800
9/23/2030 58.739461
9/23/2019 30.655684
3/23/2031 60.501645
3/23/2020 31.575355
9/23/2031 62.316694
9/23/2020 32.522615
3/23/2032 64.186195
3/23/2021 33.498294
9/23/2032 66.111781
9/23/2021 34.503243
3/23/2033 68.095134
3/23/2022 35.538340
9/23/2033 70.137988
17221-3128X9DP2

3

Redemption Date
Call Price Percentage
Redemption Date
Call Price Percentage
3/23/2034 72.242128
3/23/2037 86.260878
9/23/2034 74.409391
9/23/2037 88.848705
3/23/2035 76.641673
3/23/2038 91.514166
9/23/2035 78.940923
9/23/2038 94.259591
3/23/2036 81.309151
3/23/2039 97.087379
9/23/2036 83.748426
*9/23/2039 100.000000
*Maturity Date

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, will pay 100% of their principal
amount, or in the case of redemption, the product of the applicable call price percentage and the principal amount thereof, 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.

17221-3128X9DP2