Fannie Mae Prices $1.03 Billion Multifamily DUS REMIC (FNA 2016-M12) Under Its GeMS Program

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Nov 15, 2016, 11:25 ET

WASHINGTON, Nov. 15, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its tenth Multifamily DUS® REMIC in 2016 totaling $1.03 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 3, 2016.

"We chose to bring our November deal as early as possible – before any potential market-moving macro events," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "The seven- and ten-year bonds cleared quickly at our initial price talk, though the investor base was a bit less broad than it has been recently. We expect to be in the market with one more deal before the New Year, likely timing is early December."

All classes of FNA 2016-M12 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
AV1	$25,000,000	5.83	1.998	Fixed	Not Available	Not Available
AV2	$193,759,658	6.78	2.308	Fixed/AFC	S+52	102.00
X1	$218,759,658	6.19	0.075	WAC IO	Not Offered	Not Offered
A1	$101,371,000	5.80	2.132	Fixed	S+56	101.00
A2	$614,191,120	9.70	2.449	WAC	S+70	101.00
AB1	$13,823,000	5.80	1.931	Fixed	Not Available	Not Available
AB2	$83,753,653	9.70	2.362	Fixed/AFC	S+73	99.75
X2	$813,138,773	8.72	0.084	WAC IO	Not Offered	Not Offered
Total	$1,031,898,431

Group 1 Collateral

UPB:	$218,759,658
Collateral:	17 Fannie Mae DUS MBS
Geographic Distribution:	FL (31.0%), CA (22.4%), NC (15.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.96x
Weighted Average
Loan-to-Value (LTV):	65.8%

Group 2 Collateral

UPB:	$813,138,773
Collateral:	44 Fannie Mae DUS MBS
Geographic Distribution:	TX (20.9%), GA (18.4%), FL (11.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.50x
Weighted Average
Loan-to-Value (LTV):	69.3%

Settlement Date:	November 30, 2016

Lead Manager:	BofA Merrill Lynch
Co-Managers:	Goldman, Sachs & Co.
	Jefferies LLC
	Mischler Financial Group

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M12) 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 helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

SOURCE Fannie Mae