| Debt Securities Program Feature |
Description |
Auction Size |
Minimum $3 billion for new issues and no minimum offering for re-openings. |
| Auction Type |
Closed Bid Dutch Auction (uniform price) |
Auction Dates |
To be announced on announcement dates. See 2008 Funding Calendar [PDF
105K]. |
| Auction Times |
Auctions open at 10:15 a.m. ET, close at 11:15
a.m. ET. |
| Bid Types accepted |
Competitive (from Dealers and Investors)
Non-Competitive (from Investors Only) |
| Minimum Bid Size |
Competitive: $10mm
Non-Competitive: $1mm |
| Bid Increment |
Competitive: $1mm
Non-Competitive: $10,000 |
| Maximum Bid Size |
Competitive: Not to exceed 25% of the auction
size at any single yield bid.
Non-Competitive: $100mm. |
| Non-Competitive Pool |
20% of the total auction size. |
| Maximum Award |
Competitive: 25% of the announced auction size
less non-competitive bid awards and net long position.
Non-Competitive: $100mm. |
| Allocation of Awards |
Competitive: If the total amount of the bids
at the stop rate exceeds the amount of the issue left to be allocated, the
awards at that bid yield are pro-rated.
Non-Competitive: If the total amount of the Non-Competitive bids exceeds
the Non-Competitive pool size, then Non-Competitive awards will be pro-rated. |
| Bids entered |
Yield, expressed to the 3rd decimal place |
| Net Long Position |
If a bidder has a net long w/i position and
the sum of its net long w/i position and its proprietary bids exceeds $250
mm, the bidder must indicate the size of its w/i net long position as of
30 minutes prior to auction close. Otherwise the NLP field on the bid entry
page may be left blank. |
| Maturities |
As specified. |
| Dealer Group Status |
Dealer Group members must be authorized and
identified by Freddie Mac. |
| All Non-Dealer Group participants |
All non Dealer Group participants (1) must notify
Freddie Mac in advance of the Reference Notes® securities
auctions through Freddie Mac's website, and (2) indicate the Dealer Group
member(s) through which they wish to submit bids. Any party interested in
participating in Freddie Mac's auction must notify Freddie Mac no later
than two (2) business days prior to the auction. This notification does
not need to occur again unless additions or deletions to the list are desired. |
| Separate Bidding Identifiers |
Affiliates of dealers and investors may request
to be recognized as a separate bidding entity. |
| Bidding through Investment Advisors |
Freddie Mac recognizes Investment Advisors with
investment discretion over multiple accounts as one bidder. |
| Electronic Participation |
Open internet through secure site with user
ID and password access. |
| Confirmation |
Awarded bonds will be confirmed on the auction
system. |
| Day Count Convention |
30/360. All trades will be settled on the business day following the trade date (i.e. Trade Date + 1). If the settlement date falls on a weekend or holiday, settlement will occur on the next good business day. |
| Announcement of Results |
After conclusion of the auction, Dealer Group
members who have been awarded bonds will receive award notification through
the auction system. In addition, Freddie Mac will release the general auction
results on its website and through a press release that will include: amount
of bids recognized and accepted, uniform single award yield (stop rate),
price and coupon, pro-rata percentage of competitive and non-competitive
awards, total non-competitive award, bid to cover ratio and other information
Freddie Mac may decide to include. |
| Disclaimers |
The Reference Notes securities are obligations
of Freddie Mac only. The Reference Notes securities, including any interest
or return discount on the Reference Notes securities, are not guaranteed
by, and are not debts or obligations of, the United States or any agency
or instrumentality of the United States other than Freddie Mac.
This announcement is neither an offer to sell nor a solicitation of offers
to buy any of these securities. Any such offering will be made only by
an offering circular and pricing supplement. |
