Fannie Mae Prices $911.4 Million Multifamily DUS REMIC Under Its Fannie Mae GeMS Program

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News Release

April 19, 2013

Fannie Mae Prices $911.4 Million Multifamily DUS REMIC (FNA 2013-M5) Under Its Fannie Mae GeMS Program

Katherine Constantinou

202-752-5403

WASHINGTON, D.C. – Fannie Mae (FNMA/OTC) priced its fourth Multifamily DUS® REMIC in 2013 totaling $911.4 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on April 15, 2013. 

“In a slight modification of our typical GeMS issuance, 2013-M5 was structured with a series of sequential tranches to meet investor demand on the shorter end of the curve,” said Kimberly Johnson, Fannie Mae Senior Vice President of Multifamily Capital Markets.                  

All classes of FNA 2013-M5 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

$12,000,000

1.04

0.437

Fixed Rate

E+10

100.00

ASQ2

$453,061,544

2.14

0.595

Fixed Rate

S+20

100.00

X1

$465,061,544

1.60

4.313

WAC IO

Not Offered

Not Offered

ASQ3

$61,200,000

3.82

1.172

Fixed Rate

S+28

101.00

ASQ4

$226,700,000

7.26

1.919

Fixed Rate

S+38

101.00

ASQ5

$158,486,099

8.32

2.207

Fixed Rate

S+47

101.00

X2

$446,386,099

8.32

2.404

WAC IO

J+145

14.66

Total

$911,447,643

 

 

 

 

 

Group 1 Collateral

UPB:                                                                    $465,061,544
Collateral:                                                          68 Fannie Mae DUS MBS
Geographic Distribution:                                CA (30.0%), TX (23.0%), DC (6.5%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
         1.76x
Weighted Average
Loan-to-Value (LTV):            
                            67.3%

 

Group 2 Collateral

UPB:                                                                    $446,386,099
Collateral:                                                          90 Fannie Mae DUS MBS
Geographic Distribution:                                CA (34.1%), TX (8.6%), FL (8.3%)
Weighted Average
Debt Service Coverage Ratio (DSCR):         1.67x
Weighted Average
Loan-to-Value (LTV):                                        66.3%

 

Settlement Date:                                            April 30, 2013

Lead Manager:                                               Citigroup
Co-Managers:                                                 RBS and Morgan Stanley

For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2013-M5) available on Fannie Mae’s Basics of Multifamily MBS site at 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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