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

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Feb 09, 2024, 10:30 ET

WASHINGTON, Feb. 9, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: 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
Class	Original Face	Weighted Average Life	Coupon (%)	Coupon Type	Spread*	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.

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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.

SOURCE Fannie Mae