Fannie Mae Priced $736 Million Multifamily DUS REMIC (FNA 2021-M19) Under Its GeMS Program
On October 19, 2021, Fannie Mae priced a $736 million Multifamily DUS® REMIC under its GeMS program, marking the eleventh issuance of 2021. The deal attracted positive investor response and included over $730 million in 10-year, call-protected collateral, with a weighted average Debt Service Coverage Ratio (DSCR) of 2.08, indicating strong underlying asset quality. All classes of the REMIC are guaranteed by Fannie Mae for timely interest and principal payments.
- Investor demand was strong, indicating confidence in Fannie Mae's offerings.
- The weighted average DSCR of 2.08 reflects strong asset quality.
- Total issuance of $736 million shows robust activity in the multifamily sector.
- None.
WASHINGTON, Oct. 22, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a
"As we head into the end of the year and portfolio positions are firming up, we were pleased with the investor response and the quick execution of the M19," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "The deal featured more than
All classes of FNA 2021-M19 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 Life | Coupon (%) | Coupon Type | Spread | Offered |
Price | ||||||
A1 | 6.93 | 1.510 | Fixed | S+8 | 100 | |
A2 | 9.81 | 1.799 | WAC | S+20 | 99.59 | |
A3 | 9.94 | 1.640 | Fixed | Not Available | Not Available | |
X | 6.86 | 0.289 | WAC IO | Not Offered | Not Offered | |
X3 | 9.44 | 0.159 | WAC IO | Not Offered | Not Offered | |
Total |
Group 1 Collateral | |
UPB: | |
Collateral: | 52 Fannie Mae DUS MBS |
Geographic Distribution: | CA ( |
Weighted Average Debt Service Coverage Ratio (DSCR): | 2.08x |
Weighted Average Loan-to-Value (LTV): |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M19) available on the Fannie Mae GeMS Archive page.
About Fannie Mae
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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
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