Fannie Mae Prices $1.22 Billion Multifamily DUS REMIC (FNA 2014-M13) Under Its Fannie Mae GeMS™ Program

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Nov 20, 2014, 03:09 ET

WASHINGTON, Nov. 20, 2014 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eleventh Multifamily DUS^® REMIC in 2014 totaling $1.22 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on November 14, 2014.

"The M13 was a great opportunity for investors to take advantage of a small pullback in spreads to buy high quality cash flows coming into year end," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets. "It took a little while for the deal to gain traction, but then we were quickly oversubscribed."

All classes of FNA 2014-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	$64,360,478	2.11	0.848	Fixed	E+5	100.00
ASQ2	$364,709,373	2.71	1.637	Fixed	S+20	101.00
X1	$429,069,851	2.62	4.055	WAC IO	Not Offered	Not Offered
A1	$87,345,536	5.85	2.566	Fixed	S+45	101.00
A2	$610,311,006	9.68	3.021	Fixed/AFC	S+48	101.00
AB1	$11,910,754	5.85	2.401	Fixed	S+52	99.75
AB2	$83,224,228	9.68	2.951	Fixed/AFC	S+56	99.75
X2	$792,791,524	8.77	0.143	WAC IO	Not Offered	Not Offered
Total	$1,221,861,375

Group 1 Collateral

UPB:	$429,069,851
Collateral:	155 Fannie Mae DUS MBS
Geographic Distribution:	CA (27%), PA (20%), NY (12%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.55x
Weighted Average
Loan-to-Value (LTV):	62.0%

Group 2 Collateral

UPB:	$792,791,524
Collateral:	77 Fannie Mae DUS MBS
Geographic Distribution:	TX (24%), CA (13%), CO (7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.52x
Weighted Average
Loan-to-Value (LTV):	71.6%



Settlement Date:	November 26, 2014

Lead Manager:	Morgan Stanley
Co-Managers:	Bank of America Merrill Lynch and Jefferies

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-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