When-Issued K-Deal® (WI Trust) certificates are bonds that better align our multifamily loan originations with our multifamily securities investors by shortening the period between loan originations and security issuance. Through this program, investors have a funded way to purchase certain K-Deal certificates before K-Deal settlement.
- Sale to Investor: WI Trust certificates are a funded investment that settles immediately after the WI K-Deal offering period
- The WI Trust certificates are tradeable shortly after pricing
- These are public securities backed by the Freddie Mac guarantee
- Term: Less than or equal to 10.25 years for 10-year fixed-rate K-Deals and 7.25 years for 7-year fixed-rate K-Deals
- Coupon: Initially fixed coupon amount, then pass-through of class coupon on related class of K-Deal certificates
- Offered Classes: A-2 and/or A-M classes of 7- and 10-year fixed-rate K-Deals
- Strong credit provided by the Freddie Mac guarantee plus the eventual additional credit support of an underlying multifamily mortgage pool underwritten to Freddie Mac's portfolio standards post-transfer date
- Diversification post-transfer date through pooled risk of many assets versus single-asset risk unless otherwise indicated
- Call protection associated with the prepayment features of yield maintenance during pre-transfer period and defeasance or yield maintenance or static prepayment premiums post transfer date
- Guarantee of timely payment of class coupons and any yield maintenance amount prior to transfer date, and of timely payment of interest and ultimate payment of principal received on the related K-Deal certificates on the guaranteed certificates post transfer date
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