Fannie Mae Priced $604 Million Multifamily DUS REMIC (FNA 2022-M13) Under Its GeMS Program
Fannie Mae (OTCQB: FNMA) has priced a $604 million Multifamily DUS REMIC under its Guaranteed Multifamily Structures (GeMS™) program, marking the seventh issuance in 2022. The FNA 2022-M13 deal, priced on September 8, 2022, offers attractive features, including a 10-year call-protected, fixed-rate collateral. Dan Dresser, Senior VP, noted strong investor interest amidst a crowded market. All classes of this REMIC are guaranteed by Fannie Mae for timely interest and principal payments. The structure provides insights into the performance of multifamily loans across diverse U.S. regions.
- Successful pricing of $604 million Multifamily DUS REMIC enhances liquidity for Fannie Mae.
- Strong investor interest indicates confidence in the DUS MBS collateral amidst market volatility.
- All classes of REMIC are fully guaranteed by Fannie Mae, ensuring timely payments.
- None.
WASHINGTON, Sept. 14, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a
"The new issue market was crowded last week following the summer holidays, so we were pleased that investors were able to focus on the M13 deal with its discount, 10-year call-protected, fixed-rate collateral," said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. "The spreads on the DUS MBS, which serves as the collateral backing the GeMS transaction, remained strong relative to other asset classes during this volatile year, and investors appreciate the ability for the market to create larger, well-diversified pools of the DUS MBS through the GeMS resecuritization process."
All classes of FNA 2022-M13 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering can be found in the table below:
Class | Original Face | Weighted Average | Coupon (%) | Coupon Type | Spread* | Offered |
Price | ||||||
A1 | 6.03 | 2.593 | WAC | P+58 | 94.23 | |
A2 | 9.57 | 2.593 | WAC | P+93 | 89.20 | |
Total |
* The spread on FNA 2022-M13 was priced using the SOFR swap curve
Group 1 Collateral | |
UPB: | |
Collateral: | 65 Fannie Mae DUS MBS |
Geographic Distribution: | TX ( |
Weighted Average Debt Service Coverage Ratio (DSCR): | 1.67x |
Weighted Average Loan-to-Value (LTV): | 61.8 % |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M13) available on the Fannie Mae GeMS Archive page.
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Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.
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SOURCE Fannie Mae
FAQ
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