Fannie Mae Prices $1.02 Billion Multifamily DUS REMIC (FNA 2015-M13) Under Its GeMS™ Program

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Oct 08, 2015, 03:53 ET

WASHINGTON, Oct. 8, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its ninth Multifamily DUS^® REMIC in 2015 totaling $1.02 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 7, 2015.

"After a few weeks of spreads increasing, investors stepped in to show that they saw value in GeMS structures at current levels," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "We had nearly 40 investors participating in the offering, including several new participants and a few that hadn't been involved in some time. We were able to price our 10-year A2 bonds at the tight end of the range – solid execution in a tough market."

All classes of FNA 2015-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 Average Life	Coupon (%)	Coupon Type	Spread	Offered Price
ASQ1	$70,000,000	1.95	0.856	Fixed	S+10	100.00
ASQ2	$254,128,796	2.95	1.646	Fixed	S+29	101.00
X1	$324,128,796	2.29	4.084	WAC IO	Not Offered	Not Offered
A1	$72,495,266	5.46	2.353	Fixed	S+65	101.00
A2FL	$200,000,000	9.60	0.866	Float / IRC	L+67	100.00
A2	$420,856,164	9.60	2.800	WAC	S+81	99.40
X2	$72,495,266	5.44	0.447	WAC IO	Not Offered	Not Offered
Total	$1,017,480,226

Group 1 Collateral


UPB:	$324,128,796
Collateral:	106 Fannie Mae DUS MBS
Geographic Distribution:	NY (18.1%), CA (16.8%), TX (9.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.33x
Weighted Average
Loan-to-Value (LTV):	62.3%

Group 2 Collateral

UPB:	$693,351,430
Collateral:	46 Fannie Mae DUS MBS
Geographic Distribution:	CA (36.8%), LA (12.9%), DE (9.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.79x
Weighted Average
Loan-to-Value (LTV):	66.9%

Settlement Date:	October 30, 2015

Lead Manager:	Deutsche Bank Securities
Co-Managers:	Morgan Stanley
	Amherst Pierpont Securities
	Mischler Financial Group

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-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