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Wednesday, October 08, 2008
Freddie Mac Prices $1 Bln 5-year Notes At 3.74% Yield
Sue Chang
MarketWatch Pulse
SAN FRANCISCO -- Freddie Mac said Wednesday it auctioned a $1 billion reopening of its 4.125% five-year USD Reference Notes. The issue priced at 101.721943 or about 98.7 basis points more than five-year U.S. Treasury notes. The yield was 3.74%, and the bid-to-cover ratio was 2.75 to 1. The issue will settle on Thursday. "Including today's offerings, Freddie Mac has issued $47 billion of Reference Notes securities during 2008 and has approximately $258 billion in Reference Notes and Reference Bonds securities outstanding," said Freddie Mac in a statement.
Copyright © 2008 MarketWatch, Inc.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
