Frequency-degenerate pulsed type-I parametric downconversion is a widely used source of squeezed light for numerous quantum optical applications. However, this source is typically spectrally multimode and the generated squeezing is distributed between many spectral modes with a limited degree of squeezing per mode. We show that in a nonlinear crystal, where the condition of complete group velocity matching for the pump and the signal is satisfied, the number of generated modes may be as low as 2 or 3 modes. We illustrate the general theory with the example of the MgO-doped lithium niobate crystal pumped at 775 nm and generating squeezed light at 1.55 $\mu$m. Our model includes the derivation of the degree of squeezing from the properties of the pump and the crystal and shows that 12 dB of squeezing can be obtained in a periodically poled crystal of length 80 mm.