Agency spreads tighten 3 bps; Freddie Mac waits to price Reference Notes

By Lisa Kerner

Charlotte, N.C., April 22 - Agency spreads were in "about 3 basis points" from the morning on Wednesday and 4 to 5 basis points tighter from the end of the day on Tuesday, according to a source.

The source said he couldn't contribute the tightening to a down Treasury market or anything else in particular.

Meanwhile Freddie Mac announced it was postponing the pricing of its five-year Reference Notes "for at least one day."

The agency said it felt the postponement was necessary due to the unexpected death of Freddie Mac senior vice president and acting chief financial officer David Kellerman.

There had been no word on the size of the issue, according to the source. Prior talk had the spread at 72 basis points over Treasuries.

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