News Release

June 15, 2016

Fannie Mae Prices $901.0 Million Multifamily DUS REMIC (FNA 2016-M6) Under Its GeMS Program

Katie Penote

202-752-2261

WASHINGTON, DC – Fannie Mae (FNMA/OTC) priced its sixth Multifamily DUS® REMIC in 2016 totaling $901.0 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on June 9, 2016.

“The recent rally in rates made 10-year investors more cautious than they were just a few weeks ago,” said Josh Seiff, Fannie Mae’s Vice President of Capital Markets and Trading. “Despite those headwinds, we continue to see strong demand from investors, including several that are new to the GeMS program. The ability to buy high quality structured product at competitive spread levels creates opportunity for investors and continued excellent liquidity for the Fannie Mae Multifamily lender and borrower communities.”

All classes of FNA 2016-M6 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

$100,000,000

1.28

1.163

Fixed

E+13

100.12

ASQ2

$191,894,719

2.05

1.785

Fixed

S+33

101.00

X1

$291,894,719

1.33

3.884

WAC IO

Not Offered

Not Offered

A1

$68,432,000

6.14

2.137

Fixed

S+67

101.00

A2

$467,607,914

9.86

2.488

Fixed

S+83

101.00

AB1

$9,331,636

6.14

1.946

Fixed

S+70

99.75

AB2

$63,764,716

9.86

2.395

Fixed

S+88

99.75

X2

$609,136,266

8.95

0.340

WAC IO

Not Offered

Not Offered

Total

$901,030,985

 

 

 

 

 

 

Group 1 Collateral

UPB $291,894,719
Collateral 63 Fannie Mae DUS MBS
Geographic Distribution NM (18.5%), NY (13.9%), UT (12.9%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.47x
Weighted Average
Loan-to-Value (LTV)
64.3%

 

Group 2 Collateral

UPB $609,136,266
Collateral 57 Fannie Mae DUS MBS
Geographic Distribution TX (13.7%), FL (12.9%), NY (12.2%)
Weighted Average
Debt Service Coverage Ratio (DSCR)
1.53x
Weighted Average
Loan-to-Value (LTV)
67.3%

 

Settlement Date June 30, 2016
Lead Manager BofA Merrill Lynch
Co-Managers Credit Suisse
PNC Capital Markets
Great Pacific Securities

 

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M6) 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.

Fannie Mae enables people to buy, refinance, or rent homes.

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