Fannie Mae Prices $1.15 Billion Multifamily DUS REMIC (FNA 2016-M9) Under Its GeMS™ Program
WASHINGTON, Sept. 13, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eighth Multifamily DUS® REMIC in 2016 totaling $1.15 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on September 8, 2016.
"The M9 was able to capture investor attention during this busy first week after summer break, adding seven new investors to the GeMS program," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "In particular, investors had strong demand for the tranches backed by Fannie Mae's 10-year fixed-rate paper; in a floater-heavy market, it was the fixed-rate, last-cash-flow bonds that were oversubscribed."
All classes of FNA 2016-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 |
Coupon |
Coupon |
Spread |
Offered Price |
| FA |
$579,564,135 |
6.44 |
1.108 |
Floater/AFC |
L+59 |
100.00 |
| FX |
$579,564,135 |
0.81 |
0.495 |
WAC IO |
Not Offered |
Not Offered |
| A1 |
$60,591,000 |
5.77 |
2.003 |
Fixed |
S+56 |
101.00 |
| A2 |
$444,364,282 |
9.62 |
2.292 |
Fixed |
S+73 |
101.00 |
| AB1 |
$8,263,000 |
5.77 |
1.800 |
Fixed |
Not Available |
Not Available |
| AB2 |
$60,595,000 |
9.62 |
2.217 |
Fixed |
Not Offered |
Not Offered |
| X2 |
$573,813,282 |
8.72 |
0.450 |
WAC IO |
Not Offered |
Not Offered |
| Total |
$1,153,377,417 |
| Group 1 Collateral |
|
| UPB: |
$579,564,136 |
| Collateral: |
61 Fannie Mae DUS MBS |
| Geographic Distribution: |
TX (35.6%), GA (15.4%), FL (14.3%) |
| Weighted Average |
|
| Debt Service Coverage Ratio (DSCR): |
2.27x |
| Weighted Average |
|
| Loan-to-Value (LTV): |
69.4% |
| Group 2 Collateral |
|
| UPB: |
$573,813,282 |
| Collateral: |
70 Fannie Mae DUS MBS |
| Geographic Distribution: |
CA (34.6%), TX (22.2%), NY (7.2%) |
| Weighted Average |
|
| Debt Service Coverage Ratio (DSCR): |
1.67x |
| Weighted Average |
|
| Loan-to-Value (LTV): |
63.8% |
| Settlement Date: |
September 30, 2016 |
| Lead Manager: |
Morgan Stanley |
| Co-Managers: |
Citigroup |
| KGS-Alpha Capital Markets |
|
| Multi-Bank Securities |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-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 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
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