Freddie Mac's first two-year reference note sale of the year last week ended up hugely oversubscribed, as overseas investors bought more than 50% of the $4 billion in notes issued.

"Generally, our reference notes tend to be about two-thirds U.S. to one-third overseas investors," said Sharon McHale, a spokeswoman for Freddie Mac. "Yesterday's was actually 56% overseas, and that included real strong representation both from East Asia and Europe." Asia represented 31%, while Europe took 25%.

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