WASHINGTON, March 16, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its third Multifamily DUS® REMIC in 2015 totaling $1.06 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 12, 2015.
"The bid for short duration, high quality paper is really strong right now," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Fannie Mae has the only CRE lending program that has a fully built out risk retention program, aligning investors with lenders, and it shows in this kind of execution."
All classes of FNA 2015-M4 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
|
|
FA
|
$393,055,092
|
3.34
|
0.385
|
Floater/
WAC Cap
|
1mL+21
|
100.00
|
|
SA
|
$393,055,092
|
2.37
|
5.187
|
Inverse IO
|
Not Offered
|
Not Offered
|
|
AV1
|
$43,618,683
|
3.76
|
2.013
|
Fixed
|
S+22
|
101.00
|
|
AV2
|
$542,473,854
|
6.84
|
2.509
|
Fixed/AFC
|
S+38
|
101.00
|
|
ABV1
|
$5,948,002
|
3.76
|
1.761
|
Fixed
|
S+32
|
99.75
|
|
ABV2
|
$73,973,708
|
6.84
|
2.369
|
Fixed/AFC
|
S+44
|
99.75
|
|
X2
|
$666,014,247
|
6.18
|
0.679
|
WAC IO
|
Not Offered
|
Not Offered
|
|
Total
|
$1,059,069,339
|
|
|
|
|
|
|
Group 1 Collateral
|
|
|
|
|
UPB:
|
$393,055,092
|
|
Collateral:
|
78 Fannie Mae DUS MBS
|
|
Geographic Distribution:
|
CA (28.0%), IL (9.8%), WA (9.1%)
|
|
Weighted Average
|
|
|
Debt Service Coverage Ratio (DSCR):
|
1.74x
|
|
Weighted Average
|
|
|
Loan-to-Value (LTV):
|
62.4%
|
|
|
|
Group 2 Collateral
|
|
|
|
|
UPB:
|
$666,014,247
|
|
Collateral:
|
74 Fannie Mae DUS MBS
|
|
Geographic Distribution:
|
CA (13.5%), CT (12.1%), CO (10.7%)
|
|
Weighted Average
|
|
|
Debt Service Coverage Ratio (DSCR):
|
1.91x
|
|
Weighted Average
|
|
|
Loan-to-Value (LTV):
|
65.6%
|
|
|
|
Settlement Date:
|
March 31, 2015
|
|
|
|
Lead Manager:
|
Morgan Stanley
|
|
Co-Managers:
|
Citigroup and BofA Merrill Lynch
|
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M4) 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.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter: http://twitter.com/FannieMae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-106-billion-multifamily-dus-remic-fna-2015-m4-under-its-fannie-mae-gems-program-300051185.html
SOURCE Fannie Mae
