Here's Freddie!

Freddie Mac taps Singapore investors for its first Singapore dollar bond issue.

Freddie Mac, the US housing agency, sold S$300 million $166 million of five year bonds on Thursday in its first foray into Singapore's maturing bond market. The deal was priced at par to yield 3.22%. Originally planned to be around S$200 million the deal size was increased after nearly S$580 million of demand was generated from the bookbuild.

The yield is around 25bp over five year Singapore government bonds or one basis point under Singapore Libor. The proceeds have been swapped into US dollars giving an all in cost ot the borrower of about 4bp over US libor.

Freddie Mac is a AAA rated US govenment backed entity and some in the market have questioned...

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