Ginnie Mae finally made its long-awaited Remic dream a reality May 26 when Merrill Lynch completed the program's first-ever pricing and put the instrument on the market to "encouraging" investor interest, despite an otherwise languid real estate mortgage investment conduit market.

The Ginnie issue, identified as Remic 94-1, is backed by $500 million in 8% Ginnie mortgage-backed security certificates. It was priced May 26, has a startup date of June 1, and will settle June 30. Divided into 19 tranches, the instrument has a weighted average maturity of 340 months and a PSA speed of 200%. Merrill served as the lead underwriter on 94-1, while M.R. Beal & Co. served as the co-underwriter.

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