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Freddie Mac prices $802M STACR offering

Freddie Mac priced an $802 million Structured Agency Credit Risk debt offering.

The class M-1 tranche priced at one-month LIBOR plus a spread of 120 basis points; the class M-2 priced at one-month LIBOR plus a spread of 325 basis points; the B-1 class priced at one-month LIBOR plus a spread of 495 basis points; and the B-2 class priced at one-month LIBOR plus a spread of 1,000 basis points.

STACR series 2017-DNA1 has a reference pool of single-family mortgages with unpaid principal balance of approximately $33.9 billion. The pool consists 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, 2016, and June 30, 2016. Freddie Mac holds the senior loss risk in the capital structure and a portion of the risk in the class M-1, M-2 and B-1 tranches and a significant portion of the first loss in the B-2 tranche.

Barclays and Goldman Sachs & Co. are co-lead managers and joint book runners.