US agency storms Europe

Liquidity is key to Freddie Mac's debut €5bn reference note issue

Deal of the Quarter

Freddie Mac, a US government-sponsored enterprise (GSE) that refinances mortgages, took Europe by storm in September. The agency launched the first deal of an ambitious €20bn ($17bn) reference note programme, making it the first borrower to have liquid issuing programmes in more than one reserve currency.

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