FEDERAL NATIONAL MORTGAGE ASSOCIATION WASHINGTON, April 19, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced an $879 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on April 14, 2021. FNA 2021-M11 marks the fifth Fannie Mae GeMS issuance of 2021.
"We started the second quarter with an $879 million 10-year fixed-rate GeMS deal, building on the $21.5 billion in DUS issuance in Q1 2021," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "This first quarter saw spreads continue to grind tighter despite the solid volumes; multifamily borrowers have benefitted from approximately a 30-basis-point tightening of spreads from pre-COVID levels, and investors continue to enjoy the strong underwriting of the DUS program. The M11, for example, offered investors a collateral pool with properties from 20 states, all while maintaining solid credit quality with a weighted average debt-service coverage ratio of 2.27 and LTV of 58 percent."
All classes of FNA 2021-M11 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 | Coupon (%) | Coupon | Spread | Offered |
Price | ||||||
A1 | $41,250,000 | 6.10 | 1.270 | Fixed | S+8 | 100 |
A2 | $637,288,684 | 9.85 | 1.459 | WAC | S+17 | 97.11 |
A3 | $200,000,000 | 9.90 | 1.305 | Fixed | Not Available | Not Available |
X | $41,250,000 | 6.08 | 0.189 | WAC IO | Not Offered | Not Offered |
X3 | $200,000,000 | 9.40 | 0.154 | WAC IO | Not Offered | Not Offered |
Total | $878,538,684 |
Group 1 Collateral | |
UPB: | $878,538,684 |
Collateral: | 54 Fannie Mae DUS MBS |
Geographic Distribution: | NY (22.58%), NJ (11.21%), CO (10.7%) |
Weighted Average Debt Service Coverage Ratio (DSCR): | 2.27x |
Weighted Average Loan-to-Value (LTV): | 58.02% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M11) available on the Fannie Mae GeMS Archive page.
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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
