Fannie Mae Prices $1.09 Billion Multifamily DUS REMIC (FNA 2013-M12) Under Its Fannie Mae GeMS Program

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News Release

September 20, 2013

Fannie Mae Prices $1.09 Billion Multifamily DUS REMIC (FNA 2013-M12) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its eighth Multifamily DUS® REMIC in 2013 totaling $1.09 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on September 13, 2013. 

“In September, we were able to use the structural flexibility of the GeMS program to help match up lender supply and investor demand,” said Josh Seiff, Fannie Mae Director of Multifamily Capital Markets. “Group 1 is backed by fixed-rate seasoned collateral which we structured into a capped floater and a par pass-through.  Group 2 is backed by new production ten-year bonds which were structured into the Multifamily desk’s first discount pass-through tranche.” 

All classes of FNA 2013-M12 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

$127,955,786

3.33

1.532

Fixed Rate

S+35

100.00

FA

$268,625,022

3.29

0.510

Floating Rate

1mL+33

100.00

SA

$268,625,022

3.29

6.490

Inverse IO

Not offered

Not offered

X1

$396,580,808

3.31

0.000

WAC IO

Not offered

Not offered

APT

$691,478,938

8.42

2.383

WAC

S+70

92.27

Total

$1,088,059,746

 

 

 

 

 

Group 1 Collateral

UPB:                                                                    $396,580,808
Collateral:                                                          80 Fannie Mae DUS MBS
Geographic Distribution:                                CA (37.6%), NC (8.6%), FL (6.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.73x
Weighted Average
Loan-to-Value (LTV):                                        64.8%

Group 2 Collateral

UPB:                                                                    $691,478,938
Collateral:                                                          139 Fannie Mae DUS MBS
Geographic Distribution:                                TX (11.0%), NY (9.4%), MD (7.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         2.15x
Weighted Average
Loan-to-Value (LTV):                                       63.9%

Settlement Date:                                              September 30, 2013

Lead Manager:                                                  Wells Fargo
Co-Managers:                                                   Goldman Sachs and Morgan Stanley

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M12) 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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