McLEAN, VA-Freddie Mac is on a roll: the GSE has debuted its fourteenth Structured Pass-Through Certificate, or K-Certificate, for the year, this one for $1.2 billion. The GSE expects to price the K-Certificate on the week of October 15th and settle on or about November 8th.

This offering is very much a bread-and-butter deal for Freddie Mac—meaning it is the GSE’s standard issue multifamily securitization. The offering, K-021, is backed by 81 recently-originated multifamily mortgages and, as usual, guaranteed by Freddie Mac. It includes two senior principal and interest classes, one senior interest only class and a junior interest only class.

A syndicate led by Merrill Lynch, Pierce, Fenner & Smith and J.P. Morgan Securities are the co-lead managers and joint bookrunners. Credit Suisse Securities, Jefferies & Co., Morgan Stanley and Wells Fargo Securities will serve as co-managers. Fitch Ratings and Morningstar Credit Ratings are rating the three senior classes.

Freddie Mac—and Fannie Mae for that matter--has been experimenting with tweaks to this basic model. In recent months it has brought to market a deal of seasoned loans that the GSE fully wrapped. It has brought to market structured offerings backed exclusively by floating rate loans. Meanwhile, demand for its securities and loan products continues to grow and grow. There are many reasons for investor demand—starting with the all-encompassing search for yield. On the other end of the transaction spectrum, borrowers appreciate the certainty, customer friendly-features and competitive rates.