Fannie Mae Prices $1.12 Billion Multifamily DUS REMIC (FNA 2013-M3) Under Its Fannie Mae GeMS Program

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News Release

February 21, 2013

Fannie Mae Prices $1.12 Billion Multifamily DUS REMIC (FNA 2013-M3) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its second Multifamily DUS® REMIC in 2013 totaling $1.12 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on February 15, 2013. 

"February has been a period of heavy supply, coupled with a continued sell off in rates," said Kimberly Johnson, Fannie Mae Senior Vice President of Multifamily Capital Markets. "The deal priced well, but there is a growing sense that some duration players are feeling cautious as Residential MBS cheapens versus Multifamily MBS. Offering collateral at different points on the curve has certainly helped to maintain strong execution."

All classes of FNA 2013-M3 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

ASQ1

$16,000,000

1.48

0.478

Fixed Rate

S+10

100.00

ASQ2

$404,057,120

2.89

1.083

Fixed Rate

S+17

101.00

X1

$420,057,120

2.36

4.082

WAC IO

J+100

9.36

A1

$80,620,000

5.34

1.585

Fixed Rate

S+27

101.00

A2

$371,754,436

9.63

2.509

Fixed Rate

S+46

100.25

AB1

$10,994,000

5.34

1.438

Fixed Rate

S+37

99.75

AB2

$50,693,424

9.63

2.501

Fixed Rate

S+60

99.00

X2

$514,061,860

8.46

0.209

WAC IO

J+165

1.36

AL

$186,744,887

17.09

3.346

Fixed Rate

S+70

99.50

Total

$1,120,863,867

 

 

 

 

 

Group 1 Collateral

UPB:                                                                  $420,057,120
Collateral:                                                        44 Fannie Mae seasoned DUS MBS
Geographic Distribution:                              CA (24.2%), TX (13.8%), OH (10.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
      1.67x
Weighted Average
Loan-to-Value (LTV):            
                         66.3%

Group 2 Collateral

UPB:                                                                  $514,061,861
Collateral:                                                        113 Fannie Mae 10/9.5 DUS MBS
Geographic Distribution:                              TX (23.3%), CA (16.1%), NY (12.4%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
      3.00x
Weighted Average
Loan-to-Value (LTV):            
                         64.0%

Group 3 Collateral

UPB:                                                                  $186,744,888
Collateral:                                                        8 Fannie Mae 20/15 DUS MBS
Geographic Distribution:                              CA (67.2%), NY (32.8%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
      1.39x
Weighted Average
Loan-to-Value (LTV):            
                         69.5%

Settlement Date:                                            February 28, 2013

Lead Manager:                                               Bank of America Merrill Lynch
Co-Managers:                                                 Citi and J.P. Morgan

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M3) available on Fannie Mae’s Basics of Multifamily MBS site at 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.

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