Freddie Mac Prices $986 Million Multifamily K-Deal, K-F89

Nachrichtenquelle: globenewswire
20.10.2020, 23:45  |  134   |   |   

MCLEAN, Va., Oct. 20, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates (K Certificates), which includes a class of floating rate bonds indexed to the Secured Overnight Financing Rate (SOFR). The approximately $986 million in K Certificates (K-F89 Certificates) are expected to settle on or about October 29, 2020. The K-F89 Certificates are backed by floating-rate multifamily mortgages with 10-year terms, which are currently LIBOR-based.

K-F89 includes one class (Class AL) of senior bonds indexed to LIBOR and another class (Class AS) of senior bonds indexed to SOFR. Freddie Mac will provide a basis risk guarantee on Class AS that covers any floating interest rate basis risk if the value of SOFR exceeds the value of LIBOR.

K-F89 Pricing

Class Principal/Notional
Amount (mm)
Weighted
Average
Life (Years)
Discount
Margin
Coupon Dollar Price
AL $536.295 9.48 32 1 mo LIBOR + 32 100.000
AS $450.000 9.48 37 30-day SOFR avg + 37 100.000
X Non-Offered

Details

  • Co-Lead Managers and Joint Bookrunners: Wells Fargo Securities, LLC and Deutsche Bank Securities Inc.
  • Co-Managers: BofA Securities, Inc., BMO Capital Markets Corp., PNC Capital Markets LLC and Samuel A. Ramirez & Company, Inc.

Related Links

The K-F89 Certificates will not be rated, and will include two senior principal and interest classes and one interest-only class that is also entitled to static prepayment premiums. The K-F89 Certificates are backed by corresponding classes issued by the FREMF 2020-KF89 Mortgage Trust (KF89 Trust) and guaranteed by Freddie Mac. The KF89 Trust will also issue certificates consisting of the Class C and R Certificates, which will be subordinate to the classes backing the K-F89 Certificates and will not be guaranteed by Freddie Mac.

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Freddie Mac Prices $986 Million Multifamily K-Deal, K-F89 MCLEAN, Va., Oct. 20, 2020 (GLOBE NEWSWIRE) - Freddie Mac (OTCQB: FMCC) has priced a new offering of Structured Pass-Through Certificates (K Certificates), which includes a class of floating rate bonds indexed to the Secured Overnight Financing …

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