Freddie Mac has priced $2 billion of a new three-year 3.75% syndicated callable security due Aug. 3, 2007.The issue, CUSIP number 3128X3SM6, was priced at 99.968 to yield 3.761%, or 62.3 basis points more than three-year U.S. Treasury notes. "This transaction marks a historic milestone for our syndicated callable program," said Louise Herrle, vice president, treasurer, and head of global debt funding at Freddie Mac. "Gross issuance now exceeds $50 billion, reflecting our commitment to this product and to our investors." The issue, which is scheduled to settle Aug. 3, is callable at par on Aug. 3, 2005. Deutsche Bank Securities Inc., J.P. Morgan Chase, and UBS Investment Bank are the joint lead managers for the transaction.

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