WASHINGTON, July 16, 2014 /PRNewswire/ --Fannie Mae (OTC Bulletin Board: FNMA) priced its seventh Multifamily DUS® REMIC in 2014 totaling $1.14 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 11, 2014.
"Spreads on Agency CMBS continue to hover near the recent tights, as investor demand has expanded in the face of relatively short supply. The offered bonds on FNA 2014-M8 were very well received - we were over-subscribed in less than a day," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets. "M8 includes a group backed by Fixed +1' collateral on the shorter-end and a longer group, structured from new production 10-year DUS MBS. We continue to find success with the flexibility of our GeMS program, which enables us to come to market consistently with structures that meet investor demand for Agency CMBS."
All classes of FNA 2014-M8 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 | Coupon (%) | Coupon Type | Spread | Offered |
FA | $733,295,597 | 3.55 | 0.433 | Floater/ WAC Cap | 1mL+25 | 100.00 |
SA | $733,295,597 | 2.59 | 4.731 | Inverse IO | 1.75 ytf, 100CPY | 10.23 |
A1 | $58,189,598 | 5.30 | 2.382 | Fixed | S+32 | 101.00 |
A2 | $305,856,690 | 9.80 | 3.110 | Fixed/AFC | S+34 | 101.00 |
AB1 | $6,465,511 | 5.30 | 2.164 | Fixed | S+38 | 99.50 |
AB2 | $33,984,076 | 9.80 | 2.975 | Fixed | S+40 | 99.00 |
X2 | $404,495,875 | 8.67 | 0.494 | WAC IO | J+100 | 3.29 |
Total | $1,137,791,472 |
Group 1 Collateral | |
UPB: | $733,295,597 |
Collateral: | 135 Fannie Mae DUS MBS |
Geographic Distribution: | CA (57.3%), TX (14.3%), WA (3.9%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.95x |
Weighted Average | |
Loan-to-Value (LTV): | 61.0% |
Group 2 Collateral | |
UPB: | $404,495,875 |
Collateral: | 71 Fannie Mae DUS MBS |
Geographic Distribution: | TX (20.5%), CA (14.3%), WA (9.0%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.45x |
Weighted Average | |
Loan-to-Value (LTV): | 70.6% |
Settlement Date: | July 31, 2014 |
Lead Manager: | Deutsche Bank |
Co-Managers: | Citigroup and Wells Fargo |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-M8) 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.
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SOURCE Fannie Mae
