Borders Bookstores filed for Chapter 11 bankruptcy on Wednesday. Bank of America Merrill Lynch analysts noted several weeks ago that this was expected and, at the time, they did a preliminary CMBS tenant exposure report. Their initial list used the tenant information available and trustee reports, which are typically limited to the top three tenants.

Meanwhile, Barclays Capital analysts in a report released yesterday said that the bankruptcy's impact on CMBS should be limited. Only a few deals have property-level exposure to Borders as a tenant of more than 3%. Generally, the Barclays analysts saw 57 loans in 51 CMBS deals, which have an overall loan balance worth $2.8 billion, that are backed by properties in which Borders is one of the tenants.

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