Fannie Mae Priced $720 Million Multifamily DUS REMIC (FNA 2022-M10) Under Its GeMS Program
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $720 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on May 11, 2022. FNA 2022-M10 marks the fifth Fannie Mae GeMS issuance of 2022.
“The M10 provided an opportunity to buy discounted, 10-year cash flows with 100% of any future prepayment premiums on the underlying MBS,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets and Pricing, Fannie Mae. “We are pleased that the investor community was able to focus on the deal given recent rate volatility and competing investment opportunities.”
All classes of FNA 2022-M10 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|
* The spread on FNA 2022-M10 was priced using the SOFR swap curve
|Collateral||41 Fannie Mae DUS MBS|
|Geographic Distribution||TX (19.48%), IL (12.75%), NY (10.15%)|
Debt Service Coverage Ratio (DSCR)
For additional information on this transaction, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2022-M10) available on the Fannie Mae GeMS Archive page.
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