Fannie Mae Prices $1.3 Billion Multifamily DUS REMIC (FNA 2019-M18) Under Its GeMS Program
WASHINGTON, Sept. 19, 2019 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its eighth Multifamily DUS® REMIC in 2019 totaling $1.3 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 18, 2019.
"With the M-18, we were able to join a wave of September issuances that have taken advantage of strong demand in the market for duration," said Dan Dresser, Vice President Capital Markets & Pricing. "In a month full of agency-related news and volatile rates, we were pleased with the focus of our GeMS investor base."
All classes of FNA 2019-M18 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 | Coupon (%) | Coupon | Spread | Offered Price |
ASQ1 | $28,000,000 | 3.73 | 2.008 | Fixed | Not offered | Not offered |
ASQ2 | $127,987,003 | 4.86 | 2.032 | Fixed | Not offered | Not offered |
X1 | $155,987,003 | 4.17 | 1.035 | WAC IO | Not offered | Not offered |
A1 | $51,200,000 | 6.32 | 2.079 | Fixed | S+50 | 100 |
A2 | $551,824,031 | 9.68 | 2.469 | Fixed | S+60 | 101.99 |
A3 | $195,000,000 | 9.87 | 2.429 | Fixed | S+56 | 102 |
X | $603,024,031 | 8.94 | 0.725 | WAC IO | Not offered | Not offered |
X3 | $195,000,000 | 9.37 | 0.732 | WAC IO | Not offered | Not offered |
3A1 | $47,600,000 | 7.76 | 2.143 | Fixed | Not offered | Not offered |
3A2 | $315,358,261 | 11.70 | 2.577 | Fixed | Not available | Not available |
XA | $362,958,261 | 10.75 | 0.741 | WAC IO | Not offered | Not offered |
Total | $1,316,969,295 |
Group 1 Collateral | |
UPB: | $155,987,003 |
Collateral: | 9 Fannie Mae DUS MBS |
Geographic Distribution: | FL (36.7%), TX (20.3%), CA (17%) |
Weighted Average | 2.45x |
Weighted Average | 59.6% |
Group 2 Collateral | |
UPB: | $798,024,032 |
Collateral: | 72 Fannie Mae DUS MBS |
Geographic Distribution: | CA (19.7%), TX (14.6%), MA (13%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.72x |
Weighted Average | |
Loan-to-Value (LTV): | 65% |
Group 3 Collateral | |
UPB: | $362,958,261 |
Collateral: | 60 Fannie Mae DUS MBS |
Geographic Distribution: | FL (19.7%), TX (15%), VA (12.8%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.34x |
Weighted Average | |
Loan-to-Value (LTV): | 70.9% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M18) available on the Fannie Mae GeMS Archive page http://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html.
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.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
SOURCE Fannie Mae
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