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 Coupon Coupon Spread Offered Average Life (%) Type 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.
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SOURCE Fannie Mae