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

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

This latest round of K certificates, from the K-019 family, isbacked by 83 recently-originated multifamily mortgages andguaranteed by Freddie Mac. They will be offered to the market by asyndicate led by Barclays Capital andCredit Suisse Securities LLC as co-lead managersand joint bookrunners. CastleOak Securities, JP MorganSecurities, Morgan Stanley & Co., and WellsFargo Securities will serve as co-managers. Thecertificates include two senior principal and interest classes, onesenior interest-only class and a junior interest-only class. Thethree senior classes are expected to receive a Triple-A rating.