Giant PCs
Giant PC® securities are single-class pass-through securities that consolidate smaller Participation Certificate (PC) securities into larger Giant PCs, which can help you efficiently aggregate production and investment portfolios.
Freddie Mac offers two types of Giant PCs:
- Fixed-rate Gold Giant PCs
- Adjustable-rate mortgage (ARM) Giant PCs
Fixed-Rate Gold Giant PCs
Fixed-rate Giant PCs are Gold Giant PCs with the corresponding Gold PC payment cycle of 45 days.
Fixed-rate Gold Giant PCs pay principal and interest on the 15th of each month to the holder of record as of the close of business on the last day of the preceding month. If the 15th falls on a weekend or holiday, then the payment will be made on the next business day.
ARM Giant PCs
ARM Giant PCs bear interest at a pass-through coupon that adjusts monthly based on the weighted average of the interest rates of the underlying PCs. The PC coupon is expressed as an exact decimal truncated to three decimal places.
The mortgages underlying a specific ARM Giant PC may have different adjustment rates.
ARM Giant PCs pay principal and interest on the 15th of each month to the holder of record as of the close of business on the last day of the month two months prior to payment.
If the 15th falls on a weekend or holiday, then the payment will be made on the next business day.
Formation Guidelines
- Dealers can form fixed-rate and ARM Giant PCs on behalf of their customers using Freddie Mac Dealer Direct®.
- Reference the collateral prefix eligibility chart and pooling requirements:
- Previously formed 45-day Gold PCs and Gold Giant PCs are eligible collateral for new 45-day Fixed-rate Gold Giant PCs.
- Previously formed 75-day ARM PCs and ARM Giant PCs are eligible collateral for new 75-day ARM Giant PCs.
- For assistance with the execution of a Giant PC transaction, email [email protected].
Historical Resources
- Disclosure Guide (Pre 8/28/2017)
- Loan Disclosure Variable Descriptions (Pre 8/28/2017)
- Modified PC Disclosure Calculations (Pre 8/28/2017)
- PC Disclosure Calculations (Pre 8/28/2017)
- PC Prefix Guide (Pre 4/4/2018)
Freddie Mac Dealer Direct®
Authorized Giant, Supers and REMIC dealers can request trades and pricing, modify details, and upload information.
This product overview is not an offer to sell or solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Information Statement and related supplements.