Fannie Mae (OTCQB: FNMA) priced its second Multifamily DUS® REMIC in 2020 totaling $1.03 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 13, 2020.

"We were pleased with the execution of the 2020-M5, our $1 billion February GeMS deal, given the low-yield rate environment and market volatility," said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. "In addition to our traditional 10-year fixed-rate collateral, the M5 offered a floating-rate execution off of our ARM 7-6 product, a LIBOR-based floater with an embedded 6% cap on the pass-through rate. This will likely be one of our last LIBOR-based floating rate GeMS executions as we work to develop a SOFR-based variable-rate product to meet the needs of our borrowers, as well as the future demands of our investors."