April 13, 2023

Freddie Mac Provides Additional Details on Replacement Indices for Single-Family

LIBOR-Indexed Collateralized Mortgage Obligations

Today, Freddie Mac announced that the replacement index for LIBOR-indexed Collateralized Mortgage 

Obligations (CMOs) will be 30-day Average SOFR rate published by the Federal Reserve Bank of New 

York, plus an applicable tenor spread adjustment. 

For Single-Family CMOs, there are five LIBOR index codes included in the monthly disclosure files. With 

this transition, the disclosed LIBOR index codes will not change, but the descriptions will be updated 

after June 30, 2023, to reflect the applicable replacement indices. Any previously issued LIBOR-Indexed

CMO with an adjustment date after June 30, 2023, will use the spread adjusted 30-day Average SOFR 

rate published on that adjustment date. For each index code, the description will represent the 

replacement index beginning on the dates listed in Appendix A.

Index Codes Existing Description Updated Description

BBA1,

LIBOR1,

LIBOR1_D,

BBA1_D, 

BBA1_EDC

1 Month ICE Benchmark Admin. 

LIBOR rate

30-Day Average SOFR + 1-Month Spread 

Adjustment

Impacted CMO monthly disclosure files:

1) 55-Day Floater Indices (DRYYMM)

2) REMIC Floater Indices (IDYYMM)

3) REMIC Non-Delay Indices (IRYYMM)

4) 75-Day REMIC Delay Index (ISYYMM)

5) GNMA REMIC Non-Delay Indices (MRYYMM16)

6) GNMA REMIC 55-Day Non-Delay Indices (MRYYMM25)

Please note that the Floater Reset files (DCYYMM, RDYYMM) do not include an index description field, 

but the interest rates will be calculated using the replacement rate once the associated determination 

date occurs after June 30, 2023.

To learn more about the LIBOR transition, please visit the Freddie Mac Reference Rates Transition

webpage, which includes a LIBOR Playbook, LIBOR FAQs and other relevant details. A CUSIP-level list of 

securities impacted by this transition (as of March 2023) has been posted to the Reference Rates 

Transition page. Additionally, for details on the replacement indices for Single-Family ARM PC and Giant 

securities, please refer to the January 25, 2023, MBS announcement. 
2

For questions, please contact Freddie Mac Investor Inquiry at investor_inquiry@freddiemac.com.

Appendix A:

The first date when replacement index descriptions will be disclosed:

Index Code File Publication Date

BBA1 7/13/2023

LIBOR1 7/13/2023

LIBOR1_D 8/1/2023

BBA1_D 8/1/2023

BBA1_EDC 8/11/2023

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This is not an offer to buy or sell any Freddie Mac securities. Offers for any given security are made only through applicable 

offering circulars and related supplements, which incorporate Freddie Mac’s most recent Annual Report on Form 10-K filed with 

the Securities and Exchange Commission (SEC); all other reports Freddie Mac files with the SEC pursuant to Section 13(a) of the 

Securities Exchange Act of 1934 (Exchange Act), excluding any information "furnished" to the SEC on Form 8-K; and all 

documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any 

information “furnished” to the SEC on Form 8-K. 

The financial and other information contained in this announcement and in the documents that may be accessed through this 

announcement speaks only as of the date of those documents. The information could be out of date and no longer accurate. 

Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents. 

These materials may contain forward-looking statements. Forward-looking statements involve known and unknown risks and 

uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future 

necessarily involve a number of assumptions, judgments and estimates, and various factors could cause actual results to differ 

materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, 

estimates and factors are discussed in the company’s most recent Annual Report on Form 10-K, and its reports on Form 10-Q 

and Form 8-K, which are available on the Investor Relations page of the company’s Web site at 

http://www.freddiemac.com/investors and the SEC’s website at www.sec.gov. The company undertakes no obligation to 

update forward-looking statements it makes to reflect events or circumstances occurring after the date of this announcement.