Obligation Freddy Mac 0% ( US3128X0NH82 ) en USD

Société émettrice Freddy Mac
Prix sur le marché 100 %  ⇌ 
Pays  Etas-Unis
Code ISIN  US3128X0NH82 ( en USD )
Coupon 0%
Echéance 13/12/2022 - Obligation échue



Prospectus brochure de l'obligation Freddie Mac US3128X0NH82 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 100 000 000 USD
Cusip 3128X0NH8
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.

L'Obligation émise par Freddy Mac ( Etas-Unis ) , en USD, avec le code ISIN US3128X0NH82, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/12/2022









PRICING SUPPLEMENT DATED November 19, 2002

(to Offering Circular Dated May 7, 2002)

$100,000,000











Freddie Mac

Zero Coupon Medium-Term Notes Due December 13, 2022
Redeemable periodically, beginning December 13, 2004

Issue Date:
December 13, 2002
Maturity Date:
December 13, 2022
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 13 and December 13, commencing December 13, 2004
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X0NH8


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 May 7, 2002 (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
29.718276%
.15%
29.56828%
Total
$29,718,276
$150,000
$29,568,276
(1)
Plus return of discount, if any, from December 13, 2002.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Morgan Stanley



2


OFFERING


1. Pricing
date:
November 19, 2002
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.10%
4. Reallowance:
N/A
5.
Underwriter:
Morgan Stanley & Co. Incorporated D/B/A Morgan Stanley
6. Underwriter's
Counsel:
Cleary, Gottlieb, Steen & Hamilton


OTHER SPECIAL TERMS
In connection with the issuance of the Medium-Term Notes, the Underwriter
may receive compensation in connection with a related swap transaction
Freddie Mac has entered into with an affiliate of the Underwriter. See
"Distribution Arrangements" in the Offering Circular.



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
12/13/2004 33.552219%
06/13/2011 49.772399%
12/13/2017 73.833916%
06/13/2005 34.585627%
12/13/2011 51.305389%
06/13/2018 76.108000%
12/13/2005 35.650864%
06/13/2012 52.885595%
12/13/2018 78.452127%
06/13/2006 36.748911%
12/13/2012 54.514471%
06/13/2019 80.868452%
12/13/2006 37.880777%
06/13/2013 56.193517%
12/13/2019 83.359201%
06/13/2007 39.047505%
12/13/2013 57.924277%
06/13/2020 85.926664%
12/13/2007 40.250169%
06/13/2014 59.708345%
12/13/2020 88.573205%
06/13/2008 41.489874%
12/13/2014 61.547362%
06/13/2021 91.301260%
12/13/2008 42.767762%
06/13/2015 63.443021%
12/13/2021 94.113339%
06/13/2009 44.085009%
12/13/2015 65.397066%
06/13/2022 97.012029%
12/13/2009 45.442827%
06/13/2016 67.411295%
12/13/2022 100.000000%
06/13/2010 46.842466%
12/13/2016 69.487563%
12/13/2010 48.285214%
06/13/2017 71.627780%


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

7331MSdec13.doc



3
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.
7331Msdec13


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