Fannie Mae Priced $721 Million Multifamily DUS REMIC (FNA 2022-M3) Under Its GeMS Program
Fannie Mae priced a $721 million Multifamily DUS® REMIC under its Fannie Mae GeMS™ program on March 16, 2022. This issuance, FNA 2022-M3, is the third of the year. Despite market volatility and a recent Federal Reserve interest rate hike, investors showed interest in the deal, which provides over $700 million in 10-year collateral and has a 2.19x DSCR. All classes are guaranteed by Fannie Mae for timely interest and principal payments, with detailed structure available in the official documentation.
- Successful pricing of $721 million Multifamily DUS REMIC under GeMS program.
- Strong investor interest despite market volatility and federal rate hikes.
- Deal provides over $700 million in 10-year collateral.
- Good debt service coverage ratio at 2.19x.
- None.
WASHINGTON, March 25, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a
"The M3 investors have had to contend with financial markets volatility, macro uncertainty, and a recent Federal Reserve interest rate hike," said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. "We were pleased that they were still able to focus on this deal, which provided over
All classes of FNA 2022-M3 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 | 6.28 | 1.764 | WAC | S+40 | 96.50 | |
A2 | 9.64 | 1.764 | WAC | S+88 | 90.65 | |
Total |
* The spread on FNA 2022-M3 was priced using the SOFR swap curve
Group 1 Collateral
UPB: | |
Collateral: | 36 Fannie Mae DUS MBS |
Geographic Distribution: | CA ( |
Weighted Average Debt Service Coverage Ratio (DSCR): | 2.19x |
Weighted Average Loan-to-Value (LTV): |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M3) 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
What was the amount Fannie Mae priced for the Multifamily DUS REMIC on March 16, 2022?
What is the significance of the 2.19x DSCR in Fannie Mae's recent deal?
How many Multifamily DUS REMIC issuances has Fannie Mae completed in 2022?
When was the pricing of the FNA 2022-M3 REMIC announced?
