WASHINGTON, July 15, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its seventh Multifamily DUS® REMIC in 2016 totaling $913.6 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on July 12, 2016.
"This was our first 2016 deal to feature 7/4 ARMs (7-year floating rate MBS with a 4% interest rate cap), a product which is exclusively offered for affordable and workforce housing," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "That group was really the highlight of the deal, and it was oversubscribed immediately on being announced. Matching investor demand with borrower needs to fund workforce housing is what this program is about."
All classes of FNA 2016-M7 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:
Weighted | Coupon | Coupon | Offered Price | |||
Class | Original Face | Spread | ||||
FA | $190,212,689 | 6.17 | 1.118 | Floater/AFC | L+67 | 99.93 |
FX | $190,212,689 | 0.56 | 0.772 | WAC IO | Not Offered | Not Offered |
AV1 | $18,294,000 | 3.38 | 1.557 | Fixed | S+43 | 100.50 |
AV2 | $244,482,292 | 6.75 | 2.157 | Fixed | S+64 | 102.00 |
X2 | $262,776,292 | 6.06 | 1.831 | WAC IO | Not Offered | Not Offered |
A1 | $44,097,000 | 5.92 | 2.037 | Fixed | S+71 | 101.00 |
A2 | $361,271,000 | 9.77 | 2.499 | Fixed | S+100 | 101.00 |
AB1 | $6,015,000 | 5.92 | 1.860 | Fixed | S+76 | 99.75 |
AB2 | $49,262,618 | 9.77 | 2.385 | Fixed | S+103 | 99.75 |
X3 | $460,645,618 | 6.62 | 0.851 | WAC IO | Not Offered | Not Offered |
Total | $913,634,599 |
Group 1 Collateral
UPB: | $190,212,689 |
Collateral: | 27 Fannie Mae DUS MBS |
Geographic Distribution: | CO (37.3%), FL (14.8%), WA (12.1%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.98x |
Weighted Average | |
Loan-to-Value (LTV): | 76.4% |
Group 2 Collateral
UPB: | $262,776,292 |
Collateral: | 62 Fannie Mae DUS MBS |
Geographic Distribution: | MA (37.3%), TX (20.5%), CA (9.9%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 2.05x |
Weighted Average | |
Loan-to-Value (LTV): | 58.8% |
Group 3 Collateral
UPB: | $460,645,618 |
Collateral: | 45 Fannie Mae DUS MBS |
Geographic Distribution: | TX (31.6%), AZ (18.5%), ME (15.2%) |
Weighted Average | |
Debt Service Coverage Ratio (DSCR): | 1.48x |
Weighted Average | |
Loan-to-Value (LTV): | 71.8% |
Settlement Date: | July 29, 2016 |
Lead Manager: | Goldman, Sachs & Co. |
Co-Managers: | Jefferies |
KGS-Alpha Capital Markets | |
Drexel Hamilton |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M7) 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
