McLEAN, VA-Freddie Mac is on a roll: the GSE has debuted its fourteenth Structured Pass-Through Certificate, or K-Certificate, for the year, this one for $1.2 billion. The GSE expects to price the K-Certificate on the week of October 15th and settle on or about November 8th.
This offering is very much a bread-and-butter deal for Freddie Mac—meaning it is the GSE’s standard issue multifamily securitization. The offering, K-021, is backed by 81 recently-originated multifamily mortgages and, as usual, guaranteed by Freddie Mac. It includes two senior principal and interest classes, one senior interest only class and a junior interest only class.
A syndicate led by Merrill Lynch, Pierce, Fenner & Smith and J.P. Morgan Securities are the co-lead managers and joint bookrunners. Credit Suisse Securities, Jefferies & Co., Morgan Stanley and Wells Fargo Securities will serve as co-managers. Fitch Ratings and Morningstar Credit Ratings are rating the three senior classes.
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