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Agency spreads widen in three-year sector on Freddie Mac's plans for Reference Note
By Lisa Kerner
Charlotte, N.C., May 18 - Agency spreads saw a widening in the three-year sector of about 3 basis points on Monday after Freddie Mac announced it would price a new Reference Note security at that maturity, according to a trader.
Freddie Mac said it will price the new three-year Reference Notes security on Tuesday at "benchmark size," which the trader said is expected to be $5 billion.
The notes will be offered via a syndicate of dealers headed by Barclays Capital, Inc., Banc of America Securities and J.P. Morgan Chase, the agency said.
Otherwise, the trader note, agencies had a "quiet start to the week."
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