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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