WASHINGTON, Nov. 18, 2019 /PRNewswire/ -- Fannie Mae FNMA priced its tenth Multifamily DUS® REMIC in 2019 totaling $1.19 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 15, 2019.
"The M25 brings the total 2019 GeMS issuance to $9.6 billion and marks the 93rd GeMS issuance since the 2011 kick-off of the GeMS program," said Dan Dresser, Vice President Capital Markets & Pricing. "This year has been a banner year for ACES issuance, as well, with 15 deals totaling $5.6 billion already in the market. The ability of investors and broker-dealers to structure REMICs with their own DUS collateral has been helpful to liquidity, particularly considering this year's volatile rate environment. As we head into December, we would like to express our appreciation for the support of our GeMS investor community and the broker-dealer network in 2019."
All classes of FNA 2019-M25 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 | ||||||
AV1 | $26,465,000 | 3.48 | 2.050 | Fixed | S+42 | 100 |
AV2 | $430,143,568 | 6.27 | 2.266 | Fixed | S+54 | 100.5 |
X1 | $456,608,568 | 6.10 | 1.051 | WAC IO | Not Offered | Not Offered |
A1 | $65,000,000 | 6.35 | 2.142 | Fixed/AFC | S+50 | 100 |
A2 | $448,467,055 | 9.85 | 2.330 | Fixed/AFC | S+60 | 100 |
A3 | $220,000,000 | 9.93 | 2.210 | Fixed | S+56 | 99.28 |
X | $513,467,055 | 8.97 | 0.149 | WAC IO | Not Offered | Not Offered |
X3 | $220,000,000 | 9.43 | 0.245 | WAC IO | Not Offered | Not Offered |
Total | $1,190,075,623 |
Group 1 Collateral
UPB: | $456,608,568 | |
Collateral: | 55 Fannie Mae DUS MBS | |
Geographic Distribution: | CA (29.8%), DC (24.4%), VA (7.1%) | |
Weighted Average | ||
Debt Service Coverage Ratio (DSCR): | 1.72x | |
Weighted Average | ||
Loan-to-Value (LTV): | 61.1% |
Group 2 Collateral
UPB: | $733,467,055 | |
Collateral: | 88 Fannie Mae DUS MBS | |
Geographic Distribution: | CA (18.8%), VA (13.3%), FL (10.9%) | |
Weighted Average | ||
Debt Service Coverage Ratio (DSCR): | 1.89x | |
Weighted Average | ||
Loan-to-Value (LTV): | 62% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2019-M25) available on the Fannie Mae GeMS Archive page https://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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