WASHINGTON, June 17, 2015 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) priced its sixth Multifamily
DUS® REMIC in 2015 totaling $975
million under its Fannie Mae Guaranteed Multifamily
Structures (Fannie Mae GeMS™) program on June 12, 2015.
"This deal really highlighted the flexibility of the Fannie Mae
Multifamily platform," said Josh
Seiff, Fannie Mae's Vice President of Capital Markets and
Trading. "For borrowers, our MBS execution provides loan structures
that other securitized platforms can't match – like the 12-year
collateral featured in this deal. The versatility of our GeMS
securitization program allows Fannie Mae to match borrower demand
for longer-term loans with investor appetite for call-protected,
high-quality bonds."
All classes of FNA 2015-M10 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
|
|
FA
|
$488,671,969
|
3.33
|
0.434
|
Floater/
|
S+25
|
100
|
|
WAC Cap
|
|
SA
|
$488,671,969
|
3.33
|
4.975
|
Inverse IO
|
Not
Offered
|
Not
Offered
|
|
A1
|
$74,165,000
|
7.24
|
2.631
|
Fixed
|
S+45
|
99.75
|
|
A2
|
$412,357,071
|
11.51
|
3.092
|
Fixed/AFC
|
S+65
|
99
|
|
X2
|
$486,522,071
|
10.86
|
0.171
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
Total
|
$975,194,040
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$488,671,969
|
|
Collateral:
|
109 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (32.2%), TX
(11.7%), WA (11.5%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.71x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
63.4%
|
|
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$486,522,071
|
|
Collateral:
|
44 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
MD (23.5%), TX
(20.8%), IN (11.8%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.34x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
74.1%
|
|
|
|
Settlement
Date:
|
June 30,
2015
|
|
|
|
Lead
Manager:
|
Citigroup Global
Markets, Inc.
|
|
Co-Managers:
|
Deutsche Bank
Securities
|
|
Amherst Pierpont
Securities
|
|
Drexel
Hamilton
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2015-M10) 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
homes.
Visit us at: www.fanniemae.com/progress
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http://twitter.com/FannieMae
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SOURCE Fannie Mae