WASHINGTON, Jan. 9, 2014 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its first Multifamily DUS® REMIC in 2014 totaling $976.5 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on January 9, 2014.
"January is a busy month to bring a deal," said Josh Seiff, Fannie Mae Director of Multifamily Capital Markets. "We were pleased to get good focus from the investor community ahead of the year's big conferences. We're looking forward to a strong 2014 for the GeMS program."
All classes of FNA 2014-M1 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 included in the table below:
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread | Offered Price |
ASQ1 | $50,000,000 | 3.48 | 1.3880 | Fixed | S+18 | 100.00 |
ASQ2 | $429,866,013 | 4.74 | 2.3230 | Fixed/AFC | S+34 | 101.00 |
X1 | $479,866,013 | 4.12 | 3.0964 | WAC IO | Not offered | Not offered |
A1 | $102,940,000 | 4.89 | 2.3250 | Fixed | S+50 | 100.00 |
A2 | $393,658,399 | 9.38 | 3.3958 | WAC | S+58 | 98.00 |
Total | $976,464,412 | |||||
Group 1 Collateral | |
UPB: | $479,866,013 |
Collateral: | 85 Fannie Mae DUS MBS |
Geographic Distribution: | CA (23.98%), NY (15.65%), FL (8.33%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.80x |
Weighted Average | |
Loan-to-Value (LTV): | 59.8% |
Group 2 Collateral | |
UPB: | $496,598,399 |
Collateral: | 140 Fannie Mae DUS MBS |
Geographic Distribution: | TX (17.42%), CA (15.74%), IL (7.57%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.91x |
Weighted Average | |
Loan-to-Value (LTV): | 66.1% |
Settlement Date: | January 30, 2014 |
Lead Manager: | Bank of America Merrill Lynch |
Co-Managers: | Credit Suisse and BNP Paribas |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-M1) 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
