trending Market Intelligence /marketintelligence/en/news-insights/trending/3x0z_hcdk5kbq0hdh1fugw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Freddie Mac prices 2 Structured Agency Credit Risk offerings

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


Freddie Mac prices 2 Structured Agency Credit Risk offerings

Freddie Mac priced two credit risk transfer offerings as part of its Structured Agency Credit Risk series.

Pricing for the $985 million STACR Series 2018-HQA1 was one-month London Interbank Offered Rate for all three classes plus a spread of 70 basis points for the M-1 class, a spread of 230 basis points for the M-2 class and a spread of 435 basis points for the B-1 class.

STACR Series 2018-HQA1 has a reference pool of single-family mortgages with an unpaid principal balance of approximately $40.1 billion, consisting of a subset of fixed-rate, single-family mortgages with an original term of 241 to 360 months acquired by Freddie Mac between April 1, 2017, and Sept. 30, 2017. The reference pool includes loans with loan-to-value ratios ranging from 80% to 97%. Freddie Mac holds in its entirety the senior loss risk A-H bond and the first loss B-2H bond in the capital structure. Freddie Mac also retains a portion of the risk in the class M-1, M-2 and B-1 tranches.

Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are co-lead managers and joint book runners.

Freddie Mac also priced a $139.9 million securitized participation interests transaction for investors who prefer a securitization backed by mortgage-related assets.

Pricing for STACR Series 2018-SPI1 was swaps plus a spread of 100 basis points for the M-1 class and a spread of 310 basis points for the M-2 class. The pricing for the B class is $55.

The securities are backed by participation interests in 25- to 30-year fixed-rate mortgage loans with an aggregate principal balance of about $3.5 billion. The $139.9 million in STACR SPI securities priced are distributed across three classes of certificates. Freddie Mac will initially retain a 5% interest in each class, maintaining alignment of interests with credit investors.

Bank of America Merrill Lynch and Citigroup Global Markets Inc. are co-lead managers and joint book runners.