On October 5, Freddie Mac priced a new $1.1 billion offering of Structured Pass-Through multifamily mortgage-backed security certificates (K Certificates), which are expected to settle on or about October 12, 2018. There are five offered classes, with yields ranging from 3.51% to 5.49%, and Freddie Mac retaining 50% of Class X3. The K-081 Certificates are backed by corresponding classes issued by the FREMF 2018-K81 Mortgage Trust (K-81 Trust), which will also issue certificates consisting of the Class X2-A, Class X2-B, Class B, Class C, Class D, and Class R Certificates, which will not be guaranteed by Freddie Mac and will not back any class of K-081 Certificates. K-Deals are part of the company's business strategy to transfer a portion of the risk of losses away from taxpayers and to private investors who purchase the unguaranteed subordinate bonds. K Certificates typically feature a wide range of investor options with stable cash flows and structured credit enhancement.