Last month Freddie Mac did something that solid, dependable US agencies are not supposed to do: it took a gamble. It announced that it would start borrowing large amounts in euros.
The agency will issue what it calls eReference Notes, bringing to the euro sector the trend towards government-style borrowing programmes by frequent issuers which has swept the dollar market in the past three years.
It’s a gamble because the euro market is neither as deep nor as liquid as the dollar sector.
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