Freddie Mac, responding to investor demand for liquidity and yield when the supply of Treasury securities is waning, will begin offering global noncallable debt next month.

The McLean, Va.-based company that buys mortgages from lenders and securitizes the loans said that it will issue the noncallable debt as bullet securities each quarter. The issues, called reference notes, will be offered in a minimum size of $4 billion.

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