Freddie Mac has priced $5 billion of 2.125%, two-year Reference Notes due Nov. 15, 2005.The issue (CUSIP 3134A4UH5) was priced at 99.985 to yield 2.132%, or 36 basis points more than two-year U.S. Treasury notes. The settlement date is Oct. 17. Jerome Lienhard, senior vice president of Freddie Mac's global debt funding, said international distribution and central bank orders accounted for 35% and 24% of the order book, respectively. Freddie Mac can be found online at http://www.freddiemac.com.

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