Freddie Mac, the US mortgage refinancing agency, has decided against issuing any euro-denominated benchmark bonds in June and has instead been buying back its euro debt.

Freddie, a triple-A rated Virginia-based government sponsored enterprise (GSE), has one of the largest and most liquid funding programmes in the European bond market. It has launched several EuroReference Note issues - its own-brand version of benchmark bonds - in the last 18 months.