Changes to Freddie Mac's MultiLender swap program should create larger, more predictable and liquid Gold pools, researchers said last week.

"A number of investors are reluctant to buy Golds (or will only buy Golds at a significant yield concession to their Fannie counterparts) due to liquidity differentials," penned analysts at UBS. "If Freddie entices some of these investors to look more favorably on Gold liquidity, then Gold pricing would improve." They added that, specifically, the goal of the enhanced program is to raise buysider expectations regarding what "TBA Gold delivery" means.

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