WASHINGTON, Feb. 19, 2014 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) priced its second Multifamily DUS®
REMIC in 2014 totaling $1.23 billion
under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae
GeMS) program on February 12,
2014.
"Investors snapped up short, seasoned DUS paper on bid lists
last month, so we structured the M2 deal with three distinct
groups of collateral to appeal to investor demand at the 2-year,
7-year and 10-year points on the curve," said Josh Seiff, Fannie Mae Vice President of
Multifamily Capital Markets. "All three groups were very well
received by a broad group of investors. There's a lot of
demand for high quality structured product out there right now -
the GeMS program gives Fannie Mae the ability to respond to that
demand with flexible structuring and efficient execution."
All classes of FNA 2014-M2 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
|
$37,000,000
|
0.97
|
0.342
|
Fixed
|
S+5
|
100.00
|
|
ASQ2
|
$332,654,846
|
1.45
|
0.478
|
Fixed
|
S+12
|
100.00
|
|
X1
|
$369,654,846
|
0.91
|
4.522
|
WAC IO
|
Not
offered
|
Not
offered
|
|
ASV1
|
$48,900,000
|
3.90
|
1.916
|
Fixed
|
S+40
|
101.00
|
|
ASV2
|
$305,174,490
|
6.77
|
2.777
|
Fixed
|
S+37
|
101.00
|
|
X2
|
$354,074,490
|
5.84
|
0.545
|
WAC IO
|
Not
offered
|
Not
offered
|
|
A1
|
$67,037,520
|
5.24
|
2.476
|
Fixed
|
S+50
|
101.00
|
|
A2
|
$382,388,487
|
9.74
|
3.513
|
Fixed
|
S+55
|
101.00
|
|
AB1
|
$9,141,480
|
5.24
|
2.140
|
Fixed
|
S+58
|
99.00
|
|
AB2
|
$52,143,885
|
9.74
|
3.491
|
Fixed
|
S+68
|
99.75
|
|
X3
|
$510,711,372
|
8.50
|
0.414
|
WAC IO
|
T+130
|
2.67
|
|
Total
|
$1,234,440,708
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
UPB:
|
$369,654,846
|
|
Collateral:
|
58 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (37.0%), TX
(27.7%), WA (7.0%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.97x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
65.61%
|
|
|
|
Group 2
Collateral
|
|
|
UPB:
|
$354,074,490
|
|
Collateral:
|
79 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (19.4%), CA
(9.4%), VA (9.0%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.60x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
68.85%
|
|
|
|
Group 3
Collateral
|
|
|
UPB:
|
$510,711,372
|
|
Collateral:
|
96 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (22.7%), CA
(13.3%), IL (12.3%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.45x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
69.45%
|
|
|
|
Settlement
Date:
|
February 28,
2014
|
|
|
|
Lead
Manager:
|
Citigroup
|
|
Co-Managers:
|
RBS and Goldman Sachs
& Co.
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M2) 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 a
home.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter: http://twitter.com/FannieMae.
SOURCE Fannie Mae