On a spread basis, mezzanine triple-As currently offer the best value within the 10-year triple-A sector, said Morgan Stanley analysts in a recent report.

Within the triple-A stack, analysts said that junior triple-As have the best value in terms of fundamentals. As analysts have explained previously, they feel that the subordination level of junior triple-As offer enough protection to bondholders. Analysts still suggest this bond to yield buyers who plan to hold their portfolio to maturity.

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