First STACR first-loss piece oversubscribed

Freddie Mac
By Ryan Bolger
28 Jan 2015

Freddie Mac’s first risk-sharing transaction to offer part of its first loss piece to investors was oversubscribed across all tranches, a person close to the deal told GlobalCapital. The $880m deal, priced on Wednesday, is Freddie’s first STACR issuance of the year.

The issue was priced at 125bp over Libor for the top tranche (M-1 class); 240bp over Libor for the M-2 notes; 415bp over Libor for the M-3 class; and 1150bp over Libor for the most subordinated, B class, notes. Fast money investors, such as hedge funds, are believed ...

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