Fannie Mae Priced $392 Million Multifamily Social DUS REMIC (FNA 2022-M2S) Under Its GeMS Program

WASHINGTON, Nov. 3, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced a $392 million Multifamily Social DUS^® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS^™) program on October 27, 2022. FNA 2022-M2S marks the eighth Fannie Mae GeMS issuance of 2022.

"We wrapped up October with the M2S, our second social GeMS of 2022," said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. "Despite the challenging market conditions, the benchmark 10-year fixed-rate collateral with its 9.5 years of yield maintenance call protection continues to attract investors. In addition, the structuring of an A3 tranche in the M2S offered a more call-protected option for those investors requiring a more predictable maturity window."

The M2S issuance aligns with Fannie Mae's Sustainable Bond Framework, which governs Fannie Mae's commitment to adhering to international standards in its issuance of green, social, and sustainable bonds. In 2020, Fannie Mae received a second party opinion on its Sustainable Bond Framework from independent third-party Sustainalytics. The framework builds on Fannie Mae's 32-year history of supporting multifamily affordable housing, 10-year history of multifamily green financing, and its expansion into single-family green MBS issuance in 2020.

"As with our previous social GeMS offerings, the collateral backing the M2S reflects the social criteria in our Sustainable Bond Framework, in support of affordable housing," said Lisa Bozzelli, Senior Director, Multifamily Capital Markets, Fannie Mae. "In addition to affordable housing with restrictive affordability covenants and manufactured housing communities, the M2S includes several conventional multifamily properties whose affordability is naturally occurring with 80% of the units affordable to households earning 60% of the area median income at acquisition."

All classes of FNA 2022-M2S 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:

* The spread on FNA 2022-M2S was priced using the SOFR swap curve

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M2S) 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.

SOURCE Fannie Mae