Fannie Mae Priced $802 Million Multifamily DUS REMIC (FNA 2021-M17) Under Its GeMS Program
WASHINGTON, July 22, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced an $802 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on July 21, 2021. FNA 2021-M17 marks the eighth Fannie Mae GeMS issuance of 2021.
"We were grateful that market participants were able to focus on our July GeMS deal, the M17, given the rate volatility this week," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "Despite mid-summer holidays, recent rate volatility, and spread softening, we were able to execute the M17 at attractive levels. After a long period of one-way spread and yield movement, this week's volatility provided an opportunity for investors and demonstrated the consistent demand for well-diversified, block-sized deals."
All classes of FNA 2021-M17 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 | $66,000,000 | 6.51 | 1.141 | Fixed | S+14 | 100 |
A2 | $576,125,117 | 9.79 | 1.714 | Fixed/AFC | S+22 | 102 |
A3 | $160,000,000 | 9.96 | 1.44 | Fixed | Not Available | Not Available |
X | $642,125,117 | 9.00 | 0.176 | WAC IO | Not Offered | Not Offered |
X3 | $160,000,000 | 9.46 | 0.392 | WAC IO | Not Offered | Not Offered |
Total | $802,125,117 |
Group 1 Collateral | |
UPB: | $802,125,118 |
Collateral: | 65 Fannie Mae DUS MBS |
Geographic Distribution: | TX (27.77%), CA (16.83%), OH (12.68%) |
Weighted Average Debt Service Coverage Ratio (DSCR): | 1.96x |
Weighted Average Loan-to-Value (LTV): | 63.35% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M17) 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
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