Obligation Freddy Mac 0% ( US3128X32B86 ) en USD

Freddy Mac

100 % ⇌

Etas-Unis

US3128X32B86 ( en USD )

0%

29/12/2034

Prospectus brochure de l'obligation Freddie Mac US3128X32B86 en USD 0%, échéance 29/12/2034

1 000 USD

100 000 000 USD

3128X32B8

AAA ( Première qualité )

Aaa ( Première qualité )

Freddie Mac est une société publique américaine qui achète et garantit des prêts hypothécaires résidentiels, contribuant ainsi à la stabilité du marché du logement.

Cet article présente les caractéristiques détaillées d'une obligation émise par Freddie Mac (Federal Home Loan Mortgage Corporation), une société parrainée par le gouvernement américain (GSE) dont le rôle est crucial pour le financement du marché hypothécaire en fournissant liquidité, stabilité et accessibilité aux prêteurs et aux investisseurs. L'instrument en question, identifié par le code ISIN US3128X32B86 et le code CUSIP 3128X32B8, est une obligation de droit américain actuellement valorisée à 100% de son pair sur le marché en USD, présentant un taux d'intérêt nominal de 0% qui pourrait indiquer une nature de coupon zéro ou une structure de rendement différente. L'émission totale de cette obligation représente un montant de 100 000 000 USD, avec une taille minimale d'achat fixée à 1 000 USD. Sa maturité est établie au 29 décembre 2034, et les paiements sont prévus à une fréquence bi-annuelle. La qualité de crédit de cette émission est confirmée par les plus hautes notations attribuées par les agences de référence, à savoir AAA par Standard & Poor's (S&P) et Aaa par Moody's, soulignant un niveau de risque de crédit extrêmement faible.

PRICING SUPPLEMENT DATED December 17, 2004

(to Offering Circular Dated April 2, 2004)

$100,000,000

Freddie Mac

Zero Coupon Medium-Term Notes Due December 29, 2034
Redeemable periodically, beginning December 29, 2009

Issue Date:
December 29, 2004
Maturity Date:
December 29, 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 June 29 and December 29, commencing December 29, 2009
Interest Rate:
None
Principal Payment:
At maturity, or upon redemption
CUSIP Number:
3128X32B8

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 2, 2004 (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
16.486187%
.20%
16.286187%
Total
$16,486,187
$200,000
$16,286,187

(1)
Plus return of discount, if any, from December 29, 2004.
(2)
See "Distribution Arrangements" in the Offering Circular.
(3)
Before deducting expenses payable by Freddie Mac estimated at $5,000.

Merrill Lynch & Co.

2

OFFERING:

1. Pricing
date:
December 17, 2004
2.
Method of Distribution:
x Principal
Agent
3. Concession:
.10%
4. Reallowance:
.05%
5.
Underwriter:
Merrill Lynch Government Securities Inc.
6. Underwriter's
Counsel:
Sidley Austin Brown & Wood LLP

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
12/29/2009 22.263846
12/29/2022 48.623710
6/29/2010 22.942894
6/29/2023 50.106733
12/29/2010 23.642652
12/29/2023 51.634989
6/29/2011 24.363753
6/29/2024 53.209856
12/29/2011 25.106847
12/29/2024 54.832756
6/29/2012 25.872606
6/29/2025 56.505155
12/29/2012 26.661720
12/29/2025 58.228563
6/29/2013 27.474903
6/29/2026 60.004534
12/29/2013 28.312887
12/29/2026 61.834672
6/29/2014 29.176431
6/29/2027 63.720630
12/29/2014 30.066312
12/29/2027 65.664109
6/29/2015 30.983334
6/29/2028 67.666864
12/29/2015 31.928326
12/29/2028 69.730703
6/29/2016 32.902140
6/29/2029 71.857490
12/29/2016 33.905655
12/29/2029 74.049143
6/29/2017 34.939778
6/29/2030 76.307642
12/29/2017 36.005441
12/29/2030 78.635025
6/29/2018 37.103607
6/29/2031 81.033394
12/29/2018 38.235267
12/29/2031 83.504912
6/29/2019 39.401442
6/29/2032 86.051812
12/29/2019 40.603186
12/29/2032 88.676392
6/29/2020 41.841584
6/29/2033 91.381022
12/29/2020 43.117752
12/29/2033 94.168143
6/29/2021 44.432843
6/29/2034 97.040272
12/29/2021 45.788045
12/29/2034 100.000000
6/29/2022 47.184580
11008-3128X32B8

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.

11008-3128X32B8

Document Outline

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