WASHINGTON, Nov. 20, 2014 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) priced its eleventh Multifamily
DUS® REMIC in 2014 totaling $1.22
billion under its Fannie Mae Guaranteed Multifamily
Structures (Fannie Mae GeMS) program on November 14, 2014.
"The M13 was a great opportunity for investors to take advantage
of a small pullback in spreads to buy high quality cash flows
coming into year end," said Josh
Seiff, Fannie Mae Vice President of Multifamily Capital
Markets. "It took a little while for the deal to gain
traction, but then we were quickly oversubscribed."
All classes of FNA 2014-M13 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
|
|
ASQ1
|
$64,360,478
|
2.11
|
0.848
|
Fixed
|
E+5
|
100.00
|
|
ASQ2
|
$364,709,373
|
2.71
|
1.637
|
Fixed
|
S+20
|
101.00
|
|
X1
|
$429,069,851
|
2.62
|
4.055
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
A1
|
$87,345,536
|
5.85
|
2.566
|
Fixed
|
S+45
|
101.00
|
|
A2
|
$610,311,006
|
9.68
|
3.021
|
Fixed/AFC
|
S+48
|
101.00
|
|
AB1
|
$11,910,754
|
5.85
|
2.401
|
Fixed
|
S+52
|
99.75
|
|
AB2
|
$83,224,228
|
9.68
|
2.951
|
Fixed/AFC
|
S+56
|
99.75
|
|
X2
|
$792,791,524
|
8.77
|
0.143
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
Total
|
$1,221,861,375
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$429,069,851
|
|
Collateral:
|
155 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (27%), PA (20%),
NY (12%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.55x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
62.0%
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$792,791,524
|
|
Collateral:
|
77 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (24%), CA (13%),
CO (7%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio
(DSCR):
|
1.52x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
71.6%
|
|
|
|
|
|
Settlement
Date:
|
November 26,
2014
|
|
|
|
Lead
Manager:
|
Morgan
Stanley
|
|
Co-Managers:
|
Bank of America
Merrill Lynch and Jefferies
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M13) available on the Fannie Mae GeMS
Archive page on www.fanniemae.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 enables people to buy, refinance, or rent
homes.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter:
http://twitter.com/FannieMae.
SOURCE Fannie Mae