McLEAN, VA-Freddie Mac is going to market with an offering of Structured Pass-Through Certificates, or K certs—the GSE’s brand of multifamily mortgage-backed securities. Freddie expects to price the approximately $1.1 billion in K certificates this week and settle on or about Aug. 14. This is its 10th K-cert offering this year. If it seems as though the GSE just went to market with its ninth,  that's because it did.  In the second week of July it rolled out a $1.1-billion offering that was set to settle on July 26.

On average, Freddie Mac has been offering its K certificates every three weeks, a spokeswoman tells GlobeSt.com. "The length of time between offerings varies a bit," she notes. "Sometimes it's five weeks, sometimes it's two." She attributes the stepped-up pace to the strong demand for multifamily securities and loans.

This latest round of K certificates, from the K-019 family, is backed by 83 recently-originated multifamily mortgages and guaranteed by Freddie Mac. They will be offered to the market by a syndicate led by Barclays Capital and Credit Suisse Securities LLC as co-lead managers and joint bookrunners. CastleOak Securities, JP Morgan Securities, Morgan Stanley & Co., and Wells Fargo Securities will serve as co-managers. The certificates include two senior principal and interest classes, one senior interest-only class and a junior interest-only class. The three senior classes are expected to receive a Triple-A rating.

This offering is also Freddie Mac’s 30th since the program was launched just over three years ago, said Mitch Resnick, head of Multifamily Capital Markets for Freddie Mac, in a prepared statement. "With this issuance, we’ve brought $12.6 billion in collateral to market this year."