MINNEAPOLIS--(BUSINESS WIRE)--Jul. 29, 2013--
U.S. Bank Global Corporate Trust Services will serve as global agent on
Freddie Mac’s landmark $500 million unsecured bond offering which closed
on July 26.
The new offering, known as Freddie Mac’s STACRSM (Structured
Agency Credit Risk) debt notes is unique in that it allows private
investors to purchase securities that are linked to a $22.5 billion
reference pool of residential mortgage loans purchased by Freddie Mac.
STACR represents a significant milestone for the mortgage industry as it
serves as the first step in the Federal Housing Finance Agency’s (FHFA)
strategic plan to create a vehicle for private investors to participate
in the default risk of the loans held by Government Sponsored
Enterprises (GSE’s), like Freddie Mac.
“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. “We appreciate the
opportunity to partner with Freddie on this complex finance offering.”
Given the structure and strategic importance of the transaction, U.S.
Bank created customized investor and collateral reporting methods to
meet both the specific needs of Freddie Mac as well as investors of the
STACR debt notes. In addition to creating the reporting structure, in
its role as global agent, 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.
U.S. Bank Global Corporate Trust Services is one of the premier
providers of corporate trust services in the United States and Europe,
serving private and public companies, government and tax-exempt
entities, and financial services companies. The group operates a network
of 48 domestic offices and international locations in London, England;
and Dublin, Ireland.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion
in assets as of June 30, 2013, is the parent company of U.S. Bank, the
5th largest commercial bank in the United States. Celebrating its 150th
anniversary this year, the company operates 3,087 banking offices in 25
states and 5,032 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. Visit U.S. Bancorp
on the web at www.usbank.com
Source: U.S. Bank
Nicole Garrison-Sprenger, 612-303-0731