WASHINGTON, Jan. 27, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its first Multifamily DUS(®) REMIC in 2016 totaling $945.7 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on January 19, 2016.
"The GeMS program hit the ground running this year with the FNA 2016-M1 successfully pricing despite a volatile rates market," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Our program's unique risk-sharing model and 30-year track record is able to attract investors even in a month like January with its tough market conditions and large issuance volumes."
All classes of FNA 2016-M1 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 Coupon (%) Coupon Spread Offered Average Life Type Price --- ----- ASQ1 $60,000,000 2.79 1.374 Fixed S+28 99.92 ---- ----------- ---- ----- ----- ---- ----- ASQ2 $169,086,253 4.21 2.132 Fixed/ AFC S+57 99.93 ---- ------------ ---- ----- ---------- ---- ----- X1 $229,086,253 2.63 3.691 WAC IO Not Offered Not Offered --- ------------ ---- ----- ------ ----------- ----------- A1 $80,856,000 5.91 2.428 Fixed S+71 101.00 --- ----------- ---- ----- ----- ---- ------ A2 $635,741,686 9.87 2.939 Fixed/ AFC S+98 100.72 --- ------------ ---- ----- ---------- ---- ------ X2 $716,597,686 9.98 0.131 WAC IO Not Offered Not Offered --- ------------ ---- ----- ------ ----------- ----------- Total $945,683,939 ----- ------------
Group 1 Collateral ------------------ UPB: $229,086,253 Collateral: 92 Fannie Mae DUS MBS Geographic Distribution: FL (24.5%), NY (16.6%), TX 14.3%) Weighted Average Debt Service Coverage Ratio (DSCR): 1.53x Weighted Average Loan-to-Value (LTV): 66.7% Group 2 Collateral ------------------ UPB: $716,597,687 Collateral: 65 Fannie Mae DUS MBS Geographic Distribution: CA (20.4%), TX (8.3%), MO (6.6%) Weighted Average Debt Service Coverage Ratio (DSCR): 1.54x Weighted Average Loan-to-Value (LTV): 68.7% Settlement Date: January 29, 2016 Lead Manager: Morgan Stanley Co-Managers: Citigroup Amherst Pierpont Securities Drexel Hamilton
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M1) 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.
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SOURCE Fannie Mae