Freddie Mac sold its second offering of notes transferring credit risk on the mortgages it insures at much lower cost than its initial offering in late June.

Pricing for the Structured Agency Credit Risk, Series 2013 DN2 M-1 class, which is rated Baa1 by Moody’s Investors Service and BBB- by Fitch Ratings, was at a spread of 145 basis points over one-month LIBOR. By comparison, a similar tranche of the deal it sold in July priced at Libor plus 340 basis points. Freddie Mac did not seek a credit rating for its initial offering.  

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