Freddie Mac, the US mortgage refinancing agency, is adopting an approach to the issue of its latest €5bn ($4.2bn) jumbo bond deal that will reflect US practises.

The company will market the deal as a new issue, but will probably carve it up into new tranches of outstanding deals. Large borrowers usually chose to tap existing issues when they want to raise less money, since it is easier to place an extra few hundred million euros of an old issue to launch a multi-billion euro new deal.