Fannie Mae Prices $930 Million Multifamily DUS REMIC (FNA 2020-M42) Under Its GeMS Program
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced its eighth Multifamily DUS® REMIC in 2020 totaling $930.3 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 15, 2020.
“We were pleased to be able to wrap up the quarter with the M42 and offer the market a positively convexed option backed by DUS 10/9.5 collateral,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “In a month full of competing issuances, the M42 was able to find demand for duration and price at spreads not seen in over six years.”
All classes of FNA 2020-M42 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|
|X||$730,284,372||8.74||0.301||WAC IO||Not Offered||Not Offered|
|X3||$200,000,000||9.32||0.253||WAC IO||Not Offered||Not offered|
Group 1 Collateral
|Collateral||148 Fannie Mae DUS MBS|
|Geographic Distribution||NY (13.8%), WA (11.6%), CA (11.1%)|
Debt Service Coverage Ratio (DSCR)
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M42) available on the Fannie Mae GeMS Archive page.
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