PR Newswire
WASHINGTON, June 15, 2016
WASHINGTON, June 15, 2016 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) 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.
Visit us at: http://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-9010-million-multifamily-dus-remic-fna-2016-m6-under-its-gems-program-300285262.html
SOURCE Fannie Mae