WASHINGTON, April 21, 2014 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) priced its fourth Multifamily
DUS® REMIC in 2014 totaling $896.4 million under its Fannie Mae Guaranteed
Multifamily Structures (Fannie Mae GeMS) program on April 11, 2014.
"Investors had to contend with some rate volatility while the
book was building," said Josh Seiff,
Fannie Mae Vice President of Multifamily Capital Markets.
"Once rates stabilized a bit, we saw strong demand for shorter
bonds backed by seasoned collateral and 10-year cash flows."
All classes of FNA 2014-M4 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 Average
Life
|
Coupon
(%)
|
Coupon
Type
|
Spread
|
Offered
Price
|
|
ASQ1
|
$44,048,000
|
1.68
|
0.484
|
Fixed
|
E+5
|
100.00
|
|
ASQ2
|
$396,429,273
|
2.29
|
1.272
|
Fixed
|
S+17
|
101.00
|
|
X1
|
$440,477,273
|
1.75
|
4.321
|
WAC IO
|
Not
offered
|
Not
offered
|
|
A1
|
$62,122,000
|
5.34
|
2.476
|
Fixed
|
Not
offered
|
Not
offered
|
|
A2
|
$339,099,000
|
9.80
|
3.346
|
Fixed
|
S+49
|
101.00
|
|
AB1
|
$8,472,000
|
5.34
|
2.321
|
Fixed
|
Not
offered
|
Not
offered
|
|
AB2
|
$46,240,039
|
9.80
|
3.205
|
Fixed
|
S+59
|
99.00
|
|
X2
|
$455,933,039
|
8.69
|
0.296
|
WAC IO
|
J+125
|
2.17
|
|
Total
|
$896,410,312
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$440,477,273
|
|
Collateral:
|
103 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (38.4%), GA
(7.6%), MD (6.7%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.58x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
65.6%
|
|
|
|
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$455,933,039
|
|
Collateral:
|
56 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (27.4%), TX
(17.6%), MA (8.7%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio
(DSCR):
|
1.41x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
69.3%
|
|
|
|
|
|
Settlement
Date:
|
April 30,
2014
|
|
|
|
Lead
Manager:
|
Goldman Sachs &
Co.
|
|
Co-Managers:
|
Citigroup and Morgan
Stanley
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M4) 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