After the recent launch of CMBX. NA.4, spreads on initial trading are wide, market participants noted last week, explaining that the lastest series references riskier commerical mortgage bonds than its predecessors.

"While it may take a few days for spreads to stabilize, we can already see that the CMBX.NA.4 has the widest spreads as well as the steepest capital structure of any of the CMBX series. To us, this obviously indicates that investors feel the CMBX.4 is the most at risk for collateral loss," JPMorgan analysts said in a recent report.

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