Investing.com - Financial Markets Worldwide
Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Fannie Mae Priced $518.3 Million Multifamily DUS REMIC (FNA 2024-M2) Under Its GeMS Program

Published 02/09/2024, 11:42 PM
FNMA
-

WASHINGTON, Feb. 9, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA (ST:FNMA)) priced a $518.3 million Multifamily DUS ® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on January 31, 2024. FNA 2024-M2 marks the first Fannie Mae GeMS issuance of 2024.

"Last week, we announced and priced our first deal of 2024, the M2. Due to ongoing market volatility, we prioritized a swift execution," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "This deal kicks off 2024, and we are encouraged with the pricing and rapid deal execution, especially amid challenging market conditions. We will continue to seek avenues for investors to own Agency CMBS across the yield curve, and we appreciate investors' participation in this transaction."

All classes of FNA 2024-M2 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

$29,233,000

6.39

4.619

WAC

P+83

101.15

A2

$364,070,851

9.34

3.750

Fixed

P+96

93.49

A3

$125,000,000

9.33

4.230

Fixed

P+93

97.54

X2

$364,070,851

8.84

0.869

WAC IO

Not Offered

Not Offered

X3

$125,000,000

9.03

0.389

WAC IO

Not Offered

Not Offered

Total

$518,303,851






The spread on FNA 2024-M2 was priced using the SOFR swap curve

Group 1 Collateral

UPB:


$518,303,851

Collateral:


74 Fannie Mae DUS MBS

Geographic Distribution:


FL (15.43%), NY (13.55%), NY (13.04%)

Weighted Average Debt Service Coverage Ratio (DSCR):


1.53x

Weighted Average Loan-to-Value (LTV):


60.27 %

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M2) available on the Fannie Mae GeMS Archive page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook (NASDAQ:META) | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/newsroom

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-priced-518-3-million-multifamily-dus-remic-fna-2024-m2-under-its-gems-program-302058653.html

SOURCE Fannie Mae

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.