Fannie Mae Prices $1.28 Billion Multifamily DUS REMIC (FNA 2013-M14) Under Its Fannie Mae GeMS Program

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News Release

November 15, 2013

Fannie Mae Prices $1.28 Billion Multifamily DUS REMIC (FNA 2013-M14) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its tenth Multifamily DUS® REMIC in 2013 totaling $1.28 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on November 14, 2013. 

“The recent announcement that Fannie Mae DUS® REMICs would be eligible for inclusion in Barclays’ U.S. Aggregate and Global Aggregate indices put the Agency CMBS sector in the spotlight this week,” said Josh Seiff, Fannie Mae Director of Multifamily Capital Markets.  “That buzz helped drive strong demand for our most recent deal, which had something for everyone - short bonds, a floater/inverse IO and solid 10-year cashflows. We were very pleased with the execution and we're looking forward to the broader investor base that will come with inclusion in the indices.” 

All classes of FNA 2013-M14 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

$118,254,807

4.47

1.700

Fixed Rate

S+37

100.24

FA

$290,907,204

4.48

0.519

Floating Rate

1mL+35

100.00

SA

$290,907,204

4.02

6.481

Inverse IO

Not offered

Not offered

X1

$409,162,011

4.02

0.000

WAC IO

Not offered

Not offered

APT

$249,649,728

8.51

2.527

Fixed/AFC

Not offered

Not offered

A1

$89,376,889

5.44

2.402

Fixed/AFC

S+55

101.00

A2

$454,740,672

9.84

3.329

Fixed/AFC

S+58

99.75

AB1

$12,187,758

5.44

2.101

Fixed/AFC

S+65

99.00

AB2

$62,010,091

9.84

3.399

Fixed/AFC

S+68

99.50

X3

$618,315,410

8.70

0.379

WAC IO

Not offered

Not offered

Total

$1,277,127,149

 

 

 

 

 

Group 1 Collateral

UPB:                                                                        $409,162,012
Collateral:                                                              58 Fannie Mae DUS MBS
Geographic Distribution:                                    WA (15.5%), MD (9.0%), DE (8.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
             1.70x
Weighted Average
Loan-to-Value (LTV):            
                                66.7%

Group 2 Collateral

UPB:                                                                          $249,649,728
Collateral:                                                                33 Fannie Mae DUS MBS
Geographic Distribution:                                      TX (23.5%), OR (16.9%), CA (16.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
              1.54x
Weighted Average
Loan-to-Value (LTV):            
                                 72.3%

Group 3 Collateral

UPB:                                                                            $618,315,410
Collateral:                                                                  92 Fannie Mae DUS MBS
Geographic Distribution:                                        TX (18.2%), CA (14.6%), CO (12.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
                 1.61x
Weighted Average
Loan-to-Value (LTV):            
                                    64.7%

Settlement Date:                                                      November 27, 2013

Lead Manager:                                                          Morgan Stanley
Co-Managers:                                                            Deutsche Bank and Nomura

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M14) 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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