The credit-tenant-lease structure (CTL) has survived the afflictions that have knocked some traditional private-market mortgage-related sectors out of contention.

Market observers point to the lucrative spreads accompanying this structure and said that in a credit-default scenario, CTLs offer better protection. Though not immune to private market difficulties, CTLs have responded well to buyside demands becoming a source for better premiums - CTLs traditionally carry a 25 to 75 basis-points-over-Treasurys premium.

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