WASHINGTON, Nov. 12, 2015 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its tenth Multifamily DUS® REMIC in 2015 totaling $900.95 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on November 6, 2015.
"With 68 loans in 25 states, a $9M average loan size, a 1.58 average DSCR and a 67% average LTV, the M-15, 10-year collateral group reflected the diversity and solid credit quality that has come to characterize the DUS program," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "Fannie Mae's unique multifamily risk-sharing model consistently generates high-quality collateral in a supply-heavy market."
All classes of FNA 2015-M15 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 Price |
ASQ1 | $214,601,000 | 1.39 | 0.848 | Fixed | E+7 | 99.88 |
ASQ2 | $90,034,592 | 2.54 | 1.898 | Fixed | S+31 | 101.00 |
X1 | $304,635,592 | 1.35 | 4.323 | WAC IO | Not Offered | Not Offered |
A1 | $65,043,000 | 5.72 | 2.623 | Fixed | S+62 | 101.00 |
A2 | $459,715,000 | 9.73 | 2.923 | Fixed/AFC | S+80 | 99.24 |
AB1 | $8,870,000 | 5.72 | 2.383 | Fixed | S+62 | 99.75 |
AB2 | $62,688,668 | 9.73 | 2.980 | WAC | S+86 | 99.60 |
X2 | $596,316,668 | 8.80 | 0.092 | WAC IO | Not Offered | Not Offered |
Total | $900,952,260 |
Group 1 Collateral | |
UPB: | $304,635,592 |
Collateral: | 117 Fannie Mae DUS MBS |
Geographic Distribution: | NY (44.1%), CA (10.2%), FL (6.2%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.57x |
Weighted Average | |
Loan-to-Value (LTV): | 45.6% |
Group 2 Collateral | |
UPB: | $596,316,668 |
Collateral: | 67 Fannie Mae DUS MBS |
Geographic Distribution: | CA (22.8%), FL (16.8%), VA (10.0%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.58x |
Weighted Average | |
Loan-to-Value (LTV): | 66.9% |
Settlement Date: | November 30, 2015 |
Lead Manager: | Goldman, Sachs & Co. |
Co-Managers: | BofA Merrill Lynch |
Jefferies | |
Loop Capital Markets |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2015-M15) 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
