News Release

July 22, 2015

Fannie Mae Prices $760.3 Million Multifamily DUS REMIC (FNA 2015-M11) Under Its GeMS Program

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its seventh Multifamily DUS® REMIC in 2015 totaling $760.3 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 16, 2015. 

“We’re continually searching for ways to broaden the investor base for Fannie Mae Multifamily and the GeMS program,” said said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “FNA 2015-M11 used a balance guaranteed swap to offer investors a choice between floating-rate and fixed-rate bonds. Investors get access to the same carefully chosen, high quality, low leverage collateral with either a fixed- or a floating-rate coupon. This is our first GeMS deal with this structure; it is another tool to help us match borrower needs with investor demand.” 

All classes of FNA 2015-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 in the table below:

 

Class

Original Face

Weighted Average Life

Coupon (%)

Coupon Type

Spread

Offered Price

A1

$94,795,540

5.56

2.097

Fixed

S+40

99.00

A2FL

$200,000,000

9.53

0.628

Float/IRC

L+44

100.00

A2

$465,493,598

9.69

2.921

WAC

S+60

98.83

X1

$94,795,540

5.55

0.824

WAC IO

Not Offered

Not Offered

Total

$760,289,138

 

 

 

 

 

 

Group 1 Collateral

UPB $760,289,138
Collateral 74 Fannie Mae DUS MBS
Geographic Distribution FL (18.0%), CA (16.0%), TX (12.0%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
2.02x
Weighted Average
Loan-to-Value (LTV)
65.4%

 

Settlement Date July 30, 2015
Lead Managers Deutsche Bank Securities
Co-Managers Credit Suisse
KGS-Alpha Capital Markets
The Williams Capital Group, L.P.

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-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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