2014

Fannie Mae Prices $1.03 Billion Multifamily DUS REMIC (FNA 2013-M13) Under Its Fannie Mae GeMS™ Program

WASHINGTON, Oct. 17, 2013 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its ninth Multifamily DUS® REMIC in 2013 totaling $1.03 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 11, 2013.

"We structured the M13 deal with three distinct groups of collateral to appeal to investor demand at multiple points on the curve," said Josh Seiff, Fannie Mae Director of Multifamily Capital Markets. "In particular, we have experienced continued success with the floating-rate tranche backed by seasoned fixed-rate paper for shorter duration bonds."

All classes of FNA 2013-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 included in the table below:

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered

Price

A

$205,337,995

4.10

1.600

Fixed Rate

S+44

99.75

FA

$388,004,241

4.08

0.524

Floating Rate

1mL+35

100.00

SA

$388,004,241

4.08

6.476

Inverse IO

Not offered

Not offered

X1

$593,342,236

3.25

0.170

WAC IO

Not offered

Not offered

APT

$139,326,042

6.03

2.447

Fixed/AFC

S+52

100.00

X2

$139,326,042

5.61

0.370

WAC IO

Not offered

Not offered

A1

$52,322,765

5.10

2.624

WAC

S+64

101.51

A2

$243,300,505

9.43

2.624

WAC

S+71

93.26

Total

$1,028,291,548






Group 1 Collateral


UPB:                                   

$593,342,236

Collateral:                            

98 Fannie Mae DUS MBS

Geographic Distribution:         

CA (20.9%), TX (13.5%), FL (12.3%)

Weighted Average


Debt Service Coverage Ratio (DSCR):     

1.51x

Weighted Average


Loan-to-Value (LTV):                   

68.8%





Group 2 Collateral


UPB:                                              

$139,326,042

Collateral:                                    

49 Fannie Mae DUS MBS

Geographic Distribution:              

CA (40.0%), PA (11.5%), NV (11.3%)

Weighted Average


Debt Service Coverage Ratio (DSCR):    

1.69x

Weighted Average


Loan-to-Value (LTV):                        

64.7%



Group 3 Collateral


UPB:                                        

$295,623,270

Collateral:                                    

58 Fannie Mae DUS MBS

Geographic Distribution:             

TX (22.4%), CA (12.5%), WA (9.6%)

Weighted Average


Debt Service Coverage Ratio (DSCR):   

1.70x

Weighted Average


Loan-to-Value (LTV):                       

68.9%





Settlement Date:                             

October 30, 2013



Lead Manager:                                

Deutsche Bank

Co-Managers:                                  

Citigroup and Bank of America Merrill Lynch

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-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 a home.

Visit us at: www.fanniemae.com/progress

Follow us on Twitter: http://twitter.com/FannieMae.

 

 

 

SOURCE Fannie Mae



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