By Adam Tempkin
NEW YORK, Oct 30 (IFR) – Government-sponsored
mortgage-finance company Freddie Mac has mandated Barclays as
sole bookrunner on its second risk-sharing mortgage-backed
security, a US$630m trade that is expected to price early next
Barclays, along with Morgan Stanley, will be the joint lead
underwriters on the deal, titled Structured Agency Credit Risk
2013-DN2. A US$245m slice of the deal being sold to investors
received a Baa1/BBB- rating by Moody’s and Fitch respectively.
The GSE’s first risk-sharing deal priced in July, and Fannie
Mae priced its own version earlier this month.
The new bond programs come after the Federal Housing Finance
Agency (FHFA), a government regulator, directed both GSEs to
share out the risk on US$30bn each of their loan portfolios, as
part of a wider initiative to minimize their vast footprint in
the US residential mortgage industry.