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Freddie Mac Prices $155 Million Multifamily When-Issued K-Deal, WI-K746

MCLEAN, Va., Oct. 15, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) recently priced a new offering of Multifamily WI K-Deal Certificates (WI Certificates), which are initially backed by cash assets that will be used to purchase the A-M class of a to-be-issued reference K-Deal. Once the reference K-Deal class is issued and purchased by the WI trust, the WI Certificates will be indirectly backed by a pool of fixed-rate multifamily mortgages with predominantly 7-year terms. The company expects to issue approximately $155 million in WI Certificates (Series WI-K746), which are expected to settle on or about October 20, 2021.

WI-K746 Pricing
Class Principal/Notional
Amount (mm)
Weighted Average
Life (Years)
Spread
(bps)
Coupon Yield Dollar Price
A-M $155.000 7.26 S+17 1.54700% 1.53759% $99.9952

Details

  • Co-Lead Managers and Joint Bookrunners: Wells Fargo Securities, LLC and Cantor Fitzgerald & Co.
  • Co-Managers: Amherst Pierpont Securities LLC, Bancroft Capital, LLC, Oppenheimer & Co. Inc. and PNC Capital Markets LLC

Related Links

WI Certificates are funded investments, which settle shortly after the offering period. The WI Certificates are tradeable shortly after pricing and are public securities backed by the Freddie Mac guarantee. The WI Certificates’ fixed-rate coupon is expected to be identical to that of the reference K-Deal class, and they will be sized to approximately match with the reference K-Deal class.

Freddie Mac has published an investor presentation and FAQ providing additional details on the WI K-Deal program.

Freddie Mac Multifamily is a leading issuer of agency-guaranteed structured multifamily securities. K-Deals are part of the company’s business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.

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15.10.2021, 20:32  |  108   |   |   

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Freddie Mac Prices $155 Million Multifamily When-Issued K-Deal, WI-K746 MCLEAN, Va., Oct. 15, 2021 (GLOBE NEWSWIRE) - Freddie Mac (OTCQB: FMCC) recently priced a new offering of Multifamily WI K-Deal Certificates (WI Certificates), which are initially backed by cash assets that will be used to purchase the A-M class …

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