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Fannie Mae Prices Its First Green REMIC Tranches as Part of $1.0 Billion Multifamily DUS REMIC (FNA 2017-M2) Under Its GeMS Program

Mittwoch, 15.02.2017 22:00 von PR Newswire

PR Newswire

WASHINGTON, Feb. 15. 2017 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its first GeMS REMIC tranches backed exclusively by its Green MBS collateral today. The FNA 2017-M2 transaction is the firm's second Multifamily DUS® REMIC in 2017 under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program. The M2 transaction included two tranches, the A1 and the A2, which are backed by 30 loans originated under the Fannie Mae Green Financing Business and securitized as Green DUS MBS.

"This deal is another first for the Fannie Mae Multifamily Platform. Fannie Mae has set the standard for multifamily credit quality and risk sharing for almost 30 years. Now we're excited to offer the first Green Agency CMBS deal," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "We had a number of new investors who focus on green and socially responsible investing participate in this deal. We're proud to be able to lead the way with a Multifamily mortgage product that truly benefits communities as well as borrowers, lenders, and investors."

Fannie Mae's Multifamily Green Financing Business provides financing through several different green product offerings, encouraging apartment building owners to make energy- and water-savings improvements to their properties. In addition, the Fannie Mae Green Financing Business provides financing to properties holding a third-party, Fannie Mae-approved, Green Building Certification. Fannie Mae introduced the Green MBS product to the market in 2012 and has grown the book of business each year, culminating in the issuance of over $3.5 billion in 2016.

"The M2 represents one more step in Fannie Mae's journey to realize social, environmental, and financial benefits through its innovative financial tools and business strategy," said Chrissa Pagitsas, Director, Multifamily Green Financing Business. "The M2 A1 and A2 tranches included loans secured by collateral that achieved a Green Building Certification such as LEED, ENERGY STAR®, or Green Globes, or was targeting a 20 percent or greater reduction in energy or water consumption. The end result will be better quality housing with a lower environmental impact and positive cash flows."

All classes of FNA 2017-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 are in the table below:

Class

 

Original Face

 

Weighted

Average

Life

 

Coupon (%)

 

Coupon Type

 

Spread

 

Offered

Price

 

FA

$393,280,663

6.51

1.299

Floater/AFC

L+53

99.9

FX

$393,280,663

0.87

0.582

WAC IO

Not Offered

Not Offered

A1

$75,000,000

6.06

2.784

WAC

S+50

100.6

A2

$536,702,935

9.82

2.784

WAC

S+66

97.8

Total

$1,004,983,598






 

Group 1 Collateral


UPB:                                                               
$393,280,663
Collateral:                                                      39 Fannie Mae DUS MBS
Geographic Distribution:                           TX (56.4%), GA (21.1%), FL (5.2%)
Weighted Average
Debt Service Coverage Ratio (DSCR):      2.36x
Weighted Average
Loan-to-Value (LTV):                                  71.7%

 

Group 2 Collateral


UPB:                                                               
$611,702,936
Collateral:                                                     30 Fannie Mae DUS MBS
Geographic Distribution:                           TX (23.0%), CA (19.3%), GA (8.9%)
Weighted Average
Debt Service Coverage Ratio (DSCR):   1.36x
Weighted Average
Loan-to-Value (LTV):                                  70.1%

 

Settlement Date:                                         February 28, 2017

 

Lead Manager:                                            Citigroup
Co-Managers:                                              Nomura             
                                                                        KGS-Alpha Capital Markets
                                                                       CastleOak Securities

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2017-M2) available on the Fannie Mae GeMS Archive page on www.fanniemae.com. Additional information on Fannie Mae's Green Financing Business can be found on www.fanniemaegreenfinancing.com.

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.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-its-first-green-remic-tranches-as-part-of-10-billion-multifamily-dus-remic-fna-2017-m2-under-its-gems-program-300408181.html

SOURCE Fannie Mae