Bank of America Merrill Lynch said in a report on Friday that half of all outstanding CMBS conduit loans set to mature over the next five years would be able to refinance successfully.

The bank's analysts said in the report that based on their analysis approximately $230 billion of outstanding conduit loans have LTVs less than 75%, $120 billion have LTVs of 75%-100%, and $110 billion have LTVs that exceed 100%.

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