WASHINGTON, May 18, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its fifth Multifamily DUS(®) REMIC in 2015 totaling $1.04 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on May 12, 2015.
"Rate volatility and supply were the big themes this week. Nevertheless, FNA 2015-M8 received good focus from a variety of investors," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Nearly 30 investors participated in the deal - great recognition of the strong credit quality and relative value this deal offered."
All classes of FNA 2015-M8 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 Coupon Coupon Spread Offered Average Life (%) Type Price --- ----- FA $332,214,052 3.12 0.356 Floater/ S+17 100.00 WAC Cap --- ------- SA $332,214,052 5.11 5.113 Inverse IO Not Offered Not Offered --- ------------ ---- ----- ---------- ----------- ----------- A1 $91,141,000 5.49 2.344 Fixed S+32 101.00 --- ----------- ---- ----- ----- ---- ------ A2 $525,395,000 9.59 2.900 Fixed/AFC S+51 100.75 --- ------------ ---- ----- --------- ---- ------ AB1 $12,701,000 5.49 2.097 Fixed S+32 99.75 --- ----------- ---- ----- ----- ---- ----- AB2 $71,644,844 9.59 2.829 Fixed/AFC S+56 99.75 --- ----------- ---- ----- --------- ---- ----- X2 $702,881,844 8.55 0.285 WAC IO Not Offered Not Offered --- ------------ ---- ----- ------ ----------- ----------- Total $1,035,095,896 ----- --------------
Group 1 Collateral
UPB: $332,214,052
Collateral: 93 Fannie Mae DUS MBS
Geographic Distribution: NY (15.6%), CA (13.9%), PA (10.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR): 1.52x
Weighted Average
Loan-to-Value (LTV): 61.1%
Group 2 Collateral
UPB: $702,881,844
Collateral: 76 Fannie Mae DUS MBS
Geographic Distribution: MD (13.8%), TX (11.3%), NY (10.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR): 1.46x
Weighted Average
Loan-to-Value (LTV): 71.1%
Settlement Date: May 29, 2015
Lead Manager: Credit Suisse Securities
Co-Managers: Jefferies
Morgan Stanley
Great Pacific Securities
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M8) 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.
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SOURCE Fannie Mae