WASHINGTON, March 11, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced its third Multifamily DUS® REMIC in 2020 totaling $1.18 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on March 10, 2020.
"In a week marked by contagion concerns, record low yields, and dislocation in certain markets, we have been pleased with the way that DUS and GeMS spreads have held." said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "The positive convexity of the call-protected DUS MBS is appealing in a week like this, and the M8 offers investors the opportunity to pick up a low premium, Agency CMBS deal backed by $972 million in 10-year call-protected, fixed-rate collateral."
All classes of FNA 2020-M8 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
|
$99,260,000
|
6.46
|
1.56
|
Fixed
|
Not Offered
|
Not Offered
|
|
A2
|
$633,125,322
|
9.87
|
1.82
|
Fixed
|
S+79
|
102
|
|
A3
|
$240,000,000
|
9.90
|
1.78
|
Fixed
|
S+75
|
102
|
|
X
|
$732,385,322
|
8.97
|
0.70
|
WAC IO
|
Not Offered
|
Not Offered
|
|
X3
|
$240,000,000
|
9.40
|
0.71
|
WAC IO
|
Not Offered
|
Not Offered
|
|
AL
|
$208,736,872
|
14.30
|
2.01
|
Fixed
|
Not Offered
|
Not Offered
|
|
X2
|
$208,736,872
|
13.87
|
0.80
|
WAC IO
|
Not Offered
|
Not Offered
|
|
Total
|
$1,181,122,194
|
|
|
|
|
|
|
Group 1 Collateral
|
|
|
UPB:
|
$972,385,322
|
|
Collateral:
|
85 Fannie Mae DUS MBS
|
|
Geographic Distribution:
|
IN (14.15%), GA (13.57%), TN (11.74%)
|
|
Weighted Average
|
|
|
Debt Service Coverage Ratio (DSCR):
|
1.51x
|
|
Weighted Average
|
|
|
Loan-to-Value (LTV):
|
68.53%
|
|
|
|
Group 2 Collateral
|
|
|
UPB:
|
$208,736,873
|
|
Collateral:
|
19 Fannie Mae DUS MBS
|
|
Geographic Distribution:
|
NC (46.33%), FL (17.57%), NV (15.06%)
|
|
Weighted Average
|
|
|
Debt Service Coverage Ratio (DSCR):
|
1.35x
|
|
Weighted Average
|
|
|
Loan-to-Value (LTV):
|
63.6%
|
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2020-M8) available on the Fannie Mae GeMS Archive page https://www.fanniemae.com/portal/jsp/mbs/mbsmultifamily/gems_archive.html
About Fannie Mae
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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.
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SOURCE Fannie Mae