Freddie Mac, the US mortgage refinancing agency, has delayed the launch of its first euro-denominated benchmark bond this year until after it restates its earnings for the past two years.

The triple-A rated Virginia-based government sponsored enterprise (GSE), will report unaudited earnings for 2002 on Monday, and the company has decided, together with its auditor PricewaterhouseCoopers (PwC), to conduct a full reaudit of at least the last two fiscal years.