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InvestmentsMortgageReal Estate

Freddie Mac set all-time record for multifamily security issuance in 2018

GSE issued more multifamily securities than ever before

Freddie Mac continued its record-setting ways in the multifamily business in 2018, establishing a new record for multifamily security issuance for the second year in a row.

According to the government-sponsored enterprise, it issued $72.8 billion in multifamily securities in 2018, breaking its 2017 record of $68 billion.

“With our diverse array of securities, including our flagship K Deals, we continue pioneering efforts to meet private sector demand for investment products while shifting risk away from taxpayers,” said Debby Jenkins, executive vice president and head of Freddie Mac Multifamily.

“Our broad issuance platform had another outstanding year,” Jenkins said. “As we look to the future, we’re going to continue pushing for more innovations that can lower capital cost for borrowers, making rental housing more affordable.”

According to the GSE, it issued the following securities in 2018:

  • $61.6 billion in K Deal
  • $7 billion in SB Deals
  • $4.2 billion in KT Deals, PCs, Q Deals, M Deals, and ML Deals

Despite the increase in overall issuance, the GSE’s investor base actually shrank. In 2018, 347 different investors participated in its K and SB Deal programs, including 241 in the K Deal program and 161 in the SB Deal program.

By comparison, in 2017, 392 different investors participated in the K and SB Deal programs, including 268 in the K Deal program and 174 in the SB Deal program.

According to the GSE, an average of approximately 27 investors took part in each K and SB Deal. Overall, since first launching the modern K Deal in 2009, Freddie Mac has securitized a total of $329.6 billion across all offerings, including $294 billion in K Deals and $18.2 billion in SB Deals.

“With another record-setting year, Freddie Mac continues to set the pace for the industry when it comes to securitization,” said Robert Koontz, senior vice president of Multifamily Capital Markets.

“The volume totals speak for themselves. After nearly a decade of K Series transactions and years of experience with several other well-tested offerings, we continue to lead the industry in product innovation and risk transfer,” Koontz added. “We are extremely proud of our investor base and outstanding staff – both are without parallel.”

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