Reference Notes® securities are sold through an auction process. Bids are submitted via the Internet from a group of participating dealers.


Auction TypeClosed Bid Dutch Auction (uniform price).
Auction DatesTo be announced - see the 2023 Reference Notes® calendar or 2024 Reference Notes® calendar
Bid Types acceptedCompetitive (from Dealers and Investors).
Non-Competitive (from Investors Only).
Minimum Bid SizeCompetitive: $10mm
Non-Competitive: $1mm
Bid IncrementCompetitive: $1mm
Non-Competitive: $10,000
Maximum Bid SizeCompetitive Investor: Not to exceed 100% of auction.
Competitive Dealer: Not to exceed 50% of the auction.
Non-Competitive: Not to exceed 20% of the auction size.
Non-Competitive Pool20% of the total auction size.
Maximum AwardCompetitive Investor: Not to exceed 100% of auction.
Competitive Dealer: Not to exceed 50% of the auction size, less non-comp bid awards and NLP (excludes investor orders).
Non-Competitive: 20% of the announced auction size.
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 enteredYield, expressed to the 3rd decimal place.
Dealer Net Long PositionIf a dealer has a net long position prior to the auction close, the bidder must indicate the amount in the NLP field. Otherwise, the NLP field may be left blank.
MaturitiesAs specified.
Dealer Group StatusDealer Group members must be authorized and identified by Freddie Mac.
All Non-Dealer Group participantsAll 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 IdentifiersAffiliates of dealers and investors may request to be recognized as a separate bidding entity.
Bidding through Investment AdvisorsFreddie Mac recognizes Investment Advisors with investment discretion over multiple accounts as one bidder.
Electronic ParticipationOpen internet through secure site with user ID and password access.
ConfirmationAwarded Reference Notes® securities will be confirmed on the auction system.
Day Count Convention30/360. All trades will be settled on a pre-specified date.
Announcement of ResultsAfter conclusion of the auction, Dealer Group members who have been awarded Reference Notes® securities 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.

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.