Fannie Mae Prices $1.02 Billion Multifamily DUS REMIC (FNA 2013-M7) Under Its Fannie Mae GeMS™ Program

News provided by

Fannie Mae

May 21, 2013, 03:40 ET

WASHINGTON, May 21, 2013 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its fifth Multifamily DUS® REMIC in 2013 totaling $1.02 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on May 16, 2013.

"We saw strong demand in FNA 2013-M7 at several points on the yield curve as Treasuries sold off and the curve steepened while the deal was in the market," said Kimberly Johnson, Fannie Mae Senior Vice President of Multifamily Capital Markets.  "The rising rate environment gives investors a chance to purchase bonds below par, which increased participation in the deal."            

All classes of FNA 2013-M7 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

ASQ1

$21,403,000

2.60

0.556

Fixed Rate

S+10

100.00

ASQ2

$406,652,531

4.07

1.233

Fixed Rate

S+26

101.00

X1

$428,055,531

3.51

4.267

WAC IO

Not Offered

Not Offered

A1

$95,909,000

4.98

1.459

Fixed Rate

S+31

101.00

A2

$426,007,000

9.52

2.280

Fixed Rate

S+53

98.65

AB1

$13,078,000

4.98

1.315

Fixed Rate

S+43

99.75

AB2

$58,093,471

9.52

2.497

WAC

S+64

99.19

X2

$593,087,471

8.28

0.350

WAC IO

T+140

1.81

Total

$1,021,143,002




Group 1 Collateral


UPB:                              

$428,055,531

Collateral:                      

61 Fannie Mae DUS MBS

Geographic Distribution:   

CA (42.6%), MI (11.7%), NC (8.8%)

Weighted Average


Debt Service Coverage Ratio (DSCR):    

1.84x

Weighted Average


Loan-to-Value (LTV):                        

61.7%


Group 2 Collateral


UPB:                                 

$593,087,471

Collateral:                          

114 Fannie Mae DUS MBS

Geographic Distribution:    

CA (34.1%), TX (8.6%), FL (8.3%)

Weighted Average


Debt Service Coverage Ratio (DSCR):   

2.05x

Weighted Average


Loan-to-Value (LTV):                                

65.6%


Settlement Date:                         

May 30, 2013


Lead Manager:                          

Goldman Sachs

Co-Managers:                             

Credit Suisse and Wells Fargo

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M7) available on Fannie Mae's Basics of Multifamily MBS site at 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