[body goes hereU.S. Bank Global Corporate Trust Services is set to serve as global agent for Freddie Mac’s $500 million unsecured bond offering.
Freddie Mac’s Structured Agency Credit Risk (STACR) debt notes, which closed on July 26, allow private investors to purchase securities that are linked to a $22.5 billion reference pool of residential mortgage-backed securities.
The STACR offering serves as a critical step in the Federal Housing Finance Agency’s strategic plan to create a vehicle for private investors to participate in the default risk on the loans held by the government-sponsored enterprises.
"We look forward to expanding our relationship with Freddie Mac and our appointment to this landmark deal is a testament to U.S. Bank’s expertise and agility in delivering unique corporate trust services to the mortgage and asset-backed market," said Bryan Calder, president of U.S. Bank Global Corporate Trust Services.
He added, "We appreciate the opportunity to partner with Freddie on this complex finance offering."
U.S. Bank created customized investor and collateral reporting methods to meet both the specific needs of the enterprise as well as investors of the STACR debt notes.
Additionally, U.S. Bank will serve as paying agent and calculating agent for Freddie Mac.
"U.S. Bank is a valuable business partner to Freddie Mac who has shown the expertise to develop the type of customized solutions required for our first STACR transaction," said Kevin Palmer, vice president of costing & portfolio management for Freddie Mac.