Freddie Mac has priced $2.5 billion of a new 3.875% syndicated callable security due Jan. 12, 2009.The issue, CUSIP number 3128X1ME2, was priced at 100.00 to yield 3.875%, or 60.5 basis points more than five-year U.S. Treasury notes. The issue, which is scheduled to settle Jan. 12, is callable at par on Jan. 12, 2006. Deutsche Bank Securities Inc., Lehman Brothers, and Morgan Stanley are the joint lead managers for the transaction.

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