News Release

January 27, 2016

Fannie Mae Prices $945.7 Million Multifamily DUS REMIC (FNA 2016-M1) Under Its GeMS Program

Pete Bakel

202-752-2034

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its first Multifamily DUS® REMIC in 2016 totaling $945.7 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on January 19, 2016.

 “The GeMS program hit the ground running this year with the FNA 2016-M1 successfully pricing despite a volatile rates market,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading.  “Our program’s unique risk-sharing model and 30-year track record is able to attract investors even in a month like January with its tough market conditions and large issuance volumes.”

All classes of FNA 2016-M1 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

ASQ1

$60,000,000

2.79

1.374

Fixed

S+28

99.92

ASQ2

$169,086,253

4.21

2.132

Fixed/ AFC

S+57

99.93

X1

$229,086,253

2.63

3.691

WAC IO

Not Offered

Not Offered

A1

$80,856,000

5.91

2.428

Fixed

S+71

101.00

A2

$635,741,686

9.87

2.939

Fixed/ AFC

S+98

100.72

X2

$716,597,686

9.98

0.131

WAC IO

Not Offered

Not Offered

Total

$945,683,939

 

 

 

 

 

 

Group 1 Collateral

UPB $229,086,253
Collateral 92 Fannie Mae DUS MBS
Geographic Distribution FL (24.5%), NY (16.6%), TX 14.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.53x
Weighted Average
Loan-to-Value (LTV)
766.7%

 

Group 2 Collateral

UPB $716,597,687
Collateral 65 Fannie Mae DUS MBS
Geographic Distribution CA (20.4%), TX (8.3%), MO (6.6%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.54x
Weighted Average
Loan-to-Value (LTV)
68.7%

 

Settlement Date January 29, 2016
Lead Manager Morgan Stanley
Co-Managers Citigroup
Amherst Pierpont Securities
Drexel Hamilton

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M1) 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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