Fannie Mae Prices $583 Million Multifamily DUS REMIC (FNA 2013-M11) Under Its Fannie Mae GeMS Program

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News Release

July 19, 2013

Fannie Mae Prices $583 Million Multifamily DUS REMIC (FNA 2013-M11) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS® REMIC in 2013 totaling $583 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMSTM) program on July 15, 2013. 

"Given the broader market uncertainty, we saw superior demand for floating-rate paper and structured a smaller, floating-rate deal off of seasoned, fixed-rate collateral. Investor interest in the floater was strong, and the tranche was more than two times oversubscribed.” said Josh Seiff, Fannie Mae Director of Multifamily Capital Markets. “In addition, we sold the remaining three tranches to multiple investors through reverse inquiry.” 

All classes of FNA 2013-M11 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

A

$174,279,891

2.92

1.500

Fixed Rate

Not offered

Not offered

FA

$408,503,197

2.96

1mL+33

Floating Rate

33 DM

100.0

SA

$408,503,197

2.96

6.478

Inverse IO

Not offered

Not offered

X

$582,783,088

2.95

0.133

WAC IO

Not offered

Not offered

Total

$582,783,088

 

 

 

 

 

 

Group 1 Collateral

UPB:                                                                      $582,783,088
Collateral:                                                            81 Fannie Mae DUS MBS
Geographic Distribution:                                 CA (32.2%), MD (12.6%), MO (7.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
         1.67x
Weighted Average
Loan-to-Value (LTV):            
                            66.47% 

Settlement Date:                                              July 30, 2013

Lead Manager & Sole Bookrunner:            Credit Suisse

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M11) 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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