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Freddie Mac prices $1.1B of structured pass-through certificates

Freddie Mac has priced a new offering of about $1.1 billion in structured pass-through certificates.

The certificates are expected to settle on or about June 14. They are backed by floating-rate multifamily mortgages with predominantly seven-year terms.

The certificates include one senior principal and interest class, one interest-only class, and one class entitled to static prepayment premiums. They are backed by corresponding classes issued by the FREMF 2017-KF31 Mortgage Trust and guaranteed by Freddie Mac. The trust will also issue certificates consisting of the class B, C and R certificates, which will be subordinate to the classes backing the K certificates and will not be guaranteed by Freddie Mac.

Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC are acting as co-lead managers and book runners. Cantor Fitzgerald & Co., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Multi-Bank Securities Inc. are co-managers.