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Freddie Mac Offers First Multifamily K Certificates of 2014

mortgageorb.com | January 7, 2014

Freddie Mac has announced a new offering of Structured Pass-Through Certificates (K Certificates) backed exclusively by fixed-rate multifamily mortgages with a seven-year term.

The company expects to offer approximately $1 billion in K Certificates (K-714 Certificates), which are expected to price this week, and settle on or about Jan. 28. This is Freddie Mac's first K Certificate offering this year, says the government-sponsored enterprise.

Freddie Mac says the K-714 Certificates will be offered to the market by a syndicate of dealers led by Barclays Capital Inc. and RBS Securities Inc. as co-lead managers and joint bookrunners. J.P. Morgan Securities LLC, Jefferies LLC, Mischler Financial Group Inc. and Wells Fargo Securities LLC will serve as co-managers.

The K-714 Certificates are backed by 73 recently originated multifamily mortgages and are guaranteed by Freddie Mac. The K-714 Certificates include two senior principal and interest classes, a senior interest only class, and a junior interest only class.

Moody's Investors Service Inc. and Morningstar Credit Ratings LLC are rating the three senior classes of K-714 Certificates, which are each expected to receive a rating of "Aaa(sf)" and "AAA," respectively, subject to ongoing monitoring, according to Freddie Mac.


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