WASHINGTON, March 12, 2014 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) priced its third Multifamily DUS®
REMIC in 2014 totaling $1.05 billion
under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae
GeMS) program on March 7, 2014.
"Spreads have been grinding tighter in Agency CMBS, but investor
participation remains strong," said Josh
Seiff, Fannie Mae Vice President of Multifamily Capital
Markets. "The investor community can see where DUS MBS (which are
used as collateral for our GeMS deals) trade on any given day. This
transparency confirms that the diversification, stable cash flows
and prepayment protection offered by Fannie Mae GeMS structures are
an excellent value on a relative basis. That kind of
transparency is hard to find in CRE – or in most other structured
products."
All classes of FNA 2014-M3 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
|
1.41
|
0.418
|
Fixed
|
E+5
|
100.00
|
|
ASQ2
|
$319,650,401
|
1.69
|
0.558
|
Fixed
|
E+12
|
100.00
|
|
X1
|
$369,650,401
|
1.16
|
4.734
|
WAC IO
|
Not
offered
|
Not
offered
|
|
A1
|
$91,119,022
|
5.69
|
2.613
|
Fixed
|
Not
offered
|
Not
offered
|
|
A2
|
$508,799,473
|
9.78
|
3.501
|
Fixed
|
S+50
|
101.00
|
|
AB1
|
$12,425,322
|
5.69
|
2.442
|
Fixed
|
Not
offered
|
Not
offered
|
|
AB2
|
$69,381,746
|
9.78
|
3.462
|
Fixed
|
S+63
|
99.75
|
|
X2
|
$681,725,563
|
8.73
|
0.233
|
WAC IO
|
Not
offered
|
Not
offered
|
|
Total
|
$1,051,375,964
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
UPB:
|
$382,679,006
|
|
Collateral:
|
67 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (27.0%), FL
(10.9%), AZ (8.3%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.59x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
67.8%
|
|
|
|
Group 2
Collateral
|
|
|
UPB:
|
$683,797,942
|
|
Collateral:
|
77 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (16.5%), CA
(14.7%), GA (11.4%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.38x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
71.3%
|
|
|
|
Settlement
Date:
|
March 31,
2014
|
|
|
|
Lead
Manager:
|
Deutsche
Bank
|
|
Co-Managers:
|
Barclays and
Jefferies
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M3) 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