Freddie Mac priced its first Structured Agency Credit Risk (STACR) transaction of the year. The Series 2015-DN1 was upsized to $880 million from $775 million originally.

The notes are issued at par and pay an interest rate pegged to Libor over a period of 10 years. They are general obligations of Freddie Mac, but the mortgage giant may hold on to investors’ principal if enough loans in a $27.6 billion reference pool become more than 180 days delinquent.

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