Freddie Mac (FRE) on Thursday launched its $3 billion, 10-year note.

The mortgage company revised its initial price talk to 99 basis points from 100 basis points over comparable Treasury yields.

The deal, with Citigroup Inc. (C), Barclays PLC (BCS) and JPMorgan Chase & Co. (JPM) as lead managers, is expected to price later Thursday.

Meanwhile, Freddie hasn't launched the two-year note that also was announced Wednesday. That benchmark deal is expected to be $5 billion or more in size. The initial price talk on it was 72.5 basis points over comparable Treasury yields.

Bank of America Merrill Lynch, Credit Suisse Group (CS) and RBS Greenwich Capital are the lead managers on the two-year deal.

Currently, risk premiums on the most recently priced two-year note from Fannie traded at 65.5 basis points, while Freddie's 4.875% note due 2018 was at 82 basis points, according to TradeWeb data.

-By Prabha Natarajan, Dow Jones Newswires, 201-938-5071; prabha.natarajan@dowjones.com