Fannie Mae Prices $950 Million Multifamily DUS REMIC (FNA 2014-M9) Under Its Fannie Mae GeMS™ Program

15 Aug, 2014, 15:36 ET from Fannie Mae

WASHINGTON, Aug. 15, 2014 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eighth Multifamily DUS® REMIC in 2014 totaling $950 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on August 13, 2014.

"All of the tranches in the M9 traded well, despite heavy supply in CMBS, continued global macro volatility, and August vacations," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets.  "When you see stable demand like this for a late summer deal, it really underscores the liquidity that the GeMS program helps to provide – matching up lender production with investor demand."

All classes of FNA 2014-M9 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

$75,241,882

1.82

0.678

Fixed

E+5

100.00

ASQ2

$426,370,666

2.42

1.462

Fixed

S+18

101.00

X1

$501,612,548

2.33

4.243

WAC IO

Not Offered

Not Offered

A1

$57,767,509

5.86

2.511

Fixed

S+37

101.00

A2

$336,509,265

9.85

3.103

Fixed/AFC

S+43

101.00

AB1

$7,877,387

5.86

2.388

Fixed

S+48

99.75

AB2

$45,887,627

9.85

3.055

Fixed/AFC

S+53

99.75

X2

$448,041,788

8.83

0.266

WAC IO

Not Offered

Not Offered

Total

$949,654,336

 

Group 1 Collateral

UPB:  

$501,612,548

Collateral:   

123 Fannie Mae DUS MBS

Geographic Distribution: 

CA (31.4%), NY (10.1%), MD (7.8%)

Weighted Average

Debt Service Coverage Ratio (DSCR):  

1.49x

Weighted Average

Loan-to-Value (LTV):  

62.8%

Group 2 Collateral

UPB:    

$448,041,788

Collateral:  

60 Fannie Mae DUS MBS

Geographic Distribution:  

CA (28.4%), KS (11.3%), NC (10.1%)

Weighted Average

Debt Service Coverage Ratio (DSCR): 

1.56x

Weighted Average

Loan-to-Value (LTV):  

67.3%

Settlement Date:  

August 29, 2014

Lead Manager: 

Morgan Stanley

Co-Managers:  

BNP Paribas and Credit Suisse

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-M9) 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. 

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SOURCE Fannie Mae



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