Most market observers considered Freddie Mac's decision to tap the European market - which it announced last week as its EuroReference Note program - to be a positive step for the government-sponsored enterprise as it attempts to broaden its distribution as much as possible.

The new EURO20 billion borrowing program seemed to be warmly received when the pre-announcement was made, and the issuance, at EURO5 billion per quarter, is intended to deepen the GSE's investor pool by filling a much-needed niche in the European market.

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