WASHINGTON, Oct. 14, 2011 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its sixth Multifamily DUS REMIC in 2011 totaling $577 million under its Fannie Mae Guaranteed Multifamily Structured (Fannie Mae GeMS') program on October 13, 2011.
"The Agency CMBS market has been resilientthrough a tough period ofglobal economic uncertainty and heightened market volatility.Fannie Mae hasissuedfour GeMS deals since July, and they have all been very well received. This 7-yeartransaction took advantage ofdemand in the belly of the curve, and theexecution was even better than expected," said Kimberly Johnson, Vice President Multifamily Capital Markets.
All classes of FNA 2011-M7, are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. Yield maintenance prepayment premiums apply to all underlying loans. The structure details for the multi-tranche offering are included in the table below.
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Class | CUSIP | Original Face | Weighted Average Life | Coupon | Coupon Type | Pricing Spread | Offered Price | |
A1 | 3136A1F67 | $90,000,000 | 4.95 | 2.049% | Fixed Rate | +55 | 100.5 | |
A2 | 3136A1F75 | $418,140,000 | 6.60 | 2.578% | Fixed Rate | +70 | 100.5 | |
AB | 3136A1F83 | $69,281,000 | 6.31 | 2.508% | Fixed Rate | +82 | 99.75 | |
X | 3136A1F91 | $577,421,000 | 6.31 | 1.331% | Interest Only | Not offered | Not offered | |
Total | $577,421,000 | |||||||
Collateral: | 104 Fannie Mae DUS MBS | |
Geographic Distribution: | CA (25.60%), VA (8.94%), CO (7.65%) | |
Weighted Average | ||
Debt Service Coverage Ratio (DSCR): | 1.50x | |
Weighted Average | ||
Loan-to-Value (LTV): | 65.65% | |
Settlement Date: | 10/28/2011 | |
Lead Manager: | Credit Suisse | |
Co-Manager: | Citigroup | |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2011-M7) available on Fannie Mae's Basics of Multifamily MBS site at 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 Investors page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
SOURCE Fannie Mae
