WASHINGTON, July 22, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) 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 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 Manager:
|
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.
Fannie Mae enables people to buy, refinance, or rent homes.
Visit us at: www.fanniemae.com/progress
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-7603-million-multifamily-dus-remic-fna-2015-m11-under-its-gems-program-300116704.html
SOURCE Fannie Mae
