Fannie Mae Prices $796.7 Million Multifamily DUS REMIC (FNA 2016-M13) Under Its GeMS Program

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Dec 09, 2016, 02:46 ET

WASHINGTON, Dec. 9, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eleventh Multifamily (DUS®) REMIC in 2016 totaling $796.7 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on December 7, 2016.

"M13 caps off a great year of GeMS issuance – $10.5 billion in new issue bonds placed to more than one hundred institutional investors across eleven deals," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "The GeMS program complements trading in the Fannie Mae DUS program, through which investors have purchased more than $50 billion in multifamily MBS this year. As 2016 comes to a close, we want to express our appreciation to the network of broker/dealers and investors whose support has helped make this a great year for the Multifamily MBS market and the GeMS program."

All classes of FNA 2016-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
FA	$422,298,260	6.53	1.225	Floater	L+67	99.92
FX	$422,298,260	0.83	0.334	WAC IO	Not Offered	Not Offered
A1	$59,356,275	6.01	2.477	WAC	S+57	100.06
A2	$315,000,000	9.69	2.477	WAC	S+70	96.87
Total	$796,654,535

Group 1 Collateral

UPB:	$422,298,260
Collateral:	51 Fannie Mae DUS MBS
Geographic Distribution:	TX (28.5%), NC (17.9%), WA (14.2%
Weighted Average
Debt Service Coverage Ratio (DSCR):	2.77x
Weighted Average
Loan-to-Value (LTV):	70.3%

Group 2 Collateral

UPB:	$374,356,276
Collateral:	61 Fannie Mae DUS MBS
Geographic Distribution:	TX (18.5%), CA (16.0%), FL (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):	1.66x
Weighted Average
Loan-to-Value (LTV):	66.8%

Settlement Date:	December 29, 2016

Lead Manager:	Goldman, Sachs & Co.
Co-Managers:	J.P. Morgan
	Morgan Stanley
	Loop Capital Markets

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-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 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