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Mon, February 20, 2012Sun, February 19, 2012Sat, February 18, 2012Fri, February 17, 2012Thu, February 16, 2012Wed, February 15, 2012Tue, February 14, 2012Mon, February 13, 2012Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMSa" Program
Published in Business and Finance on Wednesday, February 15th 2012 at 13:22 GMT by Market Wire
Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMS? Program -- WASHINGTON, Feb. 15, 2012 /PRNewswire/ --
Fannie Mae Prices $977 Million Multifamily DUS REMIC Under Its GeMS? Program
WASHINGTON, Feb. 15, 2012 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: [ FNMA ]) priced its second Multifamily DUS REMIC in 2012 totaling $977 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 15, 2012.
"This month's GeMS deal was the program's largest to date, and several new investors participated. Increasing deal sizes and issuing with higher frequency has enhanced liquidity over the past six months, and participation has grown steadily. Wells Fargo was a seamless partner in 2012-M2, and their collaborative efforts led to broader distribution and excellent execution," said Kimberly Johnson, Vice President of Multifamily Capital Markets.
All classes of FNA 2012-M2 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 |
A1 | $151,800,000 | 5.51 | 1.846 | Fixed Rate | +45 | 101.00 |
A2 | $707,699,966 | 9.80 | 2.784 | Fixed Rate | +65 | 101.00 |
AB | $117,204,000 | 9.04 | 2.632 | Fixed Rate | +77 | 99.75 |
X | $976,703,966 | 9.04 | 0.646 | Interest Only | Not yet offered | Not yet offered |
Total | $976,703,966 |
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Collateral: | 190 Fannie Mae DUS MBS |
Geographic Distribution: | CA (20%), TX (11%), NY (10%) |
Weighted Average |
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Debt Service Coverage Ratio (DSCR): | 2.01x |
Weighted Average |
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Loan-to-Value (LTV): | 64.5% |
Settlement Date: | February 29, 2012 |
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Lead Manager: | Wells Fargo Securities |
Co-Managers: | J.P. Morgan and Morgan Stanley |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet ([ FNA 2012-M2 ]) 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 Investors page of our Web site at [ www.fanniemae.com ]and on the SEC's Web site at [ www.sec.gov ].
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
SOURCE Fannie Mae
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