WASHINGTON — Freddie Mac priced $5 billion of 5.25% three-year reference notes last week.

Friday’s issue was the first in a planned series of dutch auctions on the Internet of Freddie’s 2001 two- and three-year notes. It was the first time a government-sponsored enterprise priced and distributed a new term-debt global issue using a dutch auction.

In a dutch auction, also called a single-price auction, a bond issuer gradually reduces the issue’s price until investors have fully subscribed it. Any buyer bidding at or above the price eventually set will have his or her bid accepted.

The issue was priced at $99.95613, and the yield is 5.26%. It will be settled on Thursday.

The deal had no underwriters.

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